After 2 months of up only, we just witnessed a quick drop that liquidated overleveraged long positions. This is a standard practice in the crypto bull market so there is nothing to panic about. By the end of the day, we will likely erase the drop or even trade above the starting price🤔
Remember, corrections shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher👌
P.S. We will be able to tell if this is a genuine correction or just a flash drop once we see how the daily candle closes. It will also be interesting to see what happens when the US wakes up.