"Sell in May and go away" has hit the stocks, and since so many of the crypto traders are stock traders, this puts downward pressure on the crypto market as well. Crypto used to be different than stocks, going up as the stock market went down, mainly because the crypto people looked for value and utility in a crypto. A large portion were just hodlers and true believers in their ecosystem. This all exploded in 2020 as the crypto market morphed into a 24/7 stock market with no day trader rules, no wash rules, basically no rules at all. Not that I think thats a bad thing, I don't. But it did change the face of crypto completely. The good news is, ecosystems are once again becoming important, and things should improve within those ecosystems.
My outlook posted four days ago was correct, next week will be choppy as well, and retracement is the name of the game right now, as their is no optimism out there right now.
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