Equal Weight Crypto Precariously Positioned
Whenever I want a decent understanding of what crypto is doing on aggregate, I consult an equal weight portfolio of 10 of the top cryptos by market cap.
The sector has been building another pennant, trying for a push to fresh highs, but momentum is flagging. The last time this happened, not too long back, there was a solid drawdown before the pump.
By the look of it, there's room for a 30% drop. Given that so many cryptos have doubled, tripled, 5x, 25x, etc don't be surprised if there's a crash soon.
The sector has been building another pennant, trying for a push to fresh highs, but momentum is flagging. The last time this happened, not too long back, there was a solid drawdown before the pump.
By the look of it, there's room for a 30% drop. Given that so many cryptos have doubled, tripled, 5x, 25x, etc don't be surprised if there's a crash soon.
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