From the desk of Louis Sykes @haumicharts and Steve Strazza @sstrazza
The Crypto space just experienced its worst day since the height of the Covid crash.
Bitcoin was down over 30% on an intraday basis, while Ethereum was almost cut in half.
We see this recent action aligning Crypto with what's taking place throughout the market. Bulls have had a more challenging time in recent months, and risk assets are coming under increasing pressure.
On this week's episode of Bearish or Bullish, we talk about Year 2 of Bull Market cycles for stocks. Is this one those? Like 1976, like 1983, like 2004, like 2010?
What about Ethereum continuing to hold its breakout? Why is Ether doing so much better than Bitcoin?
Financials and European stocks breaking out of historic bases?
European Super Leagues? The Knicks don't suck?....what the heck is going on around here?
The big news to end of the week is Ethereum completing this monster base and breaking out to new all-time highs.
For me, I don't care if we're talking about Crude Oil Futures, Apple or Tesla shares, Treasury Bond ETFs, Gold, Silver, Crypto....
It doesn't matter to me. It's just letters and math. All that other stuff isn't my problem.
The trade has been to be long ETHUSD if we're above those former highs from 2018. It was that simple. The risk was very well-defined and the potential reward was exponentially greater. That's what we look for. And so far, that strategy has worked well for us.
But now, while stocks are on holiday, Ethereum is really making a go of it:
