Thousands of cryptocurrencies along with BTC will keep going down. In June 2022, I predicted that BTC would make a correction in BEAR and shoot up quickly to $28,000 or $35,000 optimistically as well as the other crypts. The crypt market went up a little, however, the correction doesn't seem to be strong enough to go above $25,000 BTC. My purchases of BTC and ICP were done at the bottom $17,700 and $5,40 respectively where I believe a major support line lies. The entries for the transactions were satisfactory. However, I am very pessimistic about the cryptocurrency market in near future. I AM OUT! There are some reasons I decided not to wait for the correction to take place further than $25,000.
1. The correction usually takes place quickly and retraces what it lost in price. However, It didn't happen.
2. Time Is Up. My edge is "Time Principle". I get out when an expected movement is not happening by the time a correction time frame ends. It is one of my rules for risk management that I stay out of the market during an uncertain time period. The time frame was calculated for a correction to take place. However, It didn't happen.
3. The correction of BEAR is completed for SP 500. Due to the excellent economy in July, the US market took a great correction from the end of June at $3620 until Aug 15 at $4270. Now I believe that SP 500 would start declining gradually and influence the cryptocurrency market.
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S&P 500 Future
