Fifty years ago, Neil Armstrong became the first human being to walk on the moon. Today, it’s us cryptonauts who are strapped onto an entirely different rocket, and we’re holding fast for that lunar rock in the sky – or bust.
Yes, it’s a pullback. We’ve been in a solid downtrend since the end of June, making lower highs and lower lows with each mini-cycle.
Are we going to create new lows? If you’ve been following our updates over these last weeks, then you’ll recall that we believe there is a high likelihood of revisiting the $8K region, but not lower than that.
One thing to keep in mind is that just because a bearish bias exists, doesn’t mean that the market itself is in a lasting bear market, or that the downtrend will resemble that of 2018 (and much of this year). When we refer to having a bearish bias, it means that, given a certain timeframe, we believe there is more downside opportunity than upside.
Sticking to your bias in the face of contradictory evidence, however, is pure folly, and should be avoided. Always remain open to your bias being invalidated, and make sure to set conditions for what that invalidation would require.
To invalidate our current bearish outlook, BTC will need to reclaim (and hold) the $11K mark.
Justin Sun Delays $4 Million Lunch – but Why?
Imagine the crypto world’s surprise at hearing the news that Justin Sun’s hotly-anticipated lunch with trading legend Warren Buffett was being delayed over health issues. The timing of the announcement was not only inconvenient but, to some, a bit suspect.
According to a CoinDesk report that’s hot off the press, the suspect turns out to be Sun himself. As it so happens, Sun may be barred from leaving China due to an emerging investigation against him by the Chinese government.
In a surprising turn of events, it looks like Sun’s often touted Tron-based gambling DApps have landed him in hot water. Ever the social media first responder, Sun took to Twitter to respond to the illegal fundraising allegations against him, stating that they are “wrong.”
He did not, however, clarify his whereabouts or give further details about the reported ailment that is keeping him from the luncheon with Buffett.
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