Yesterday we had a Black Monday type sell-off in the Crypto market.

It all started after the Salvadoran President bought Bitcoin, making Salvador the first country to adopt Bitcoin as a legal tender.

Bitcoin hit a four-month high of $52,944 and had an intraday low of $42,830, -19%.

The other cyptos follow suit, $LTC.X intraday loss -27%, $ETH.X intraday loss -23%.

It was an all-for-one, one-for-all type deal; they all got slaughtered.

The Salvadoran President immediately averaged down the minute $BTC.X had a mini flash crash.

Talk about emotion-based trading.

For him, every dip under his cost will now be viewed as a bargain, a buying opportunity, NEVER will it be viewed as I was wrong.

Most new investors and traders nowadays have an all-or-nothing attitude. They put on a trade, and it has to work, it has to go up, and if it goes down, then it’s being manipulated by hedgefunds. There’s no accountability nowadays.

But I digress.

There might be a trading opportunity, at least for me, based on how I view things.

Classic technical analysis is much cleaner on cryptos than on stocks.

The major cryptos bounced right off their 50-day ma. It was a thing of beauty.

I’ll be watching to see if they reclaim their 21-day EMA.

Currently I have a buy stop for the day on $LTC.X, $GRT.X, and $BCH.X above today’s highs; $189.50, $0.8522, $680.30.

You might also like; Is Bitcoin Headed For a Retest.  

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