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Did the Crypto Bubble Just Burst?

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@cryptictruth
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2 min read

If you are like me you just woke up to a pretty significant change in your crypto account value f you did not have stops in place. Nearly $170 billion wiped off cryptocurrency market in 24 hours as bitcoin pulls back leading. This has caused even larger moves in alts which these types of moves can be concerning for investors.

BTC Is dow approx. 16% today and is still looking for a floor. I'm think $32,000-32,500 is where we find support, but it looks like we are testing this level again.

ETH Is dow approx. 19% today and is still looking for a floor. I'm think $1,000 is where we find support.

LTC Has been hit pretty hard and is dow approx. 23% today and is still looking for a floor. I'm think $124-125 is where we find it.

So did the crypto bubble just burst? I don't think so! Board based sell-offs in the crypto happen. When something moves parabolically it has a large correction because real levels of support can't be found when it's only moving up. Bitcoin is still up over 340% in the last 12-months after hit an all-time high just below $42,000.

I'm thinking this signals some profit-taking from investor as BTC hit an all-time high just below $42,000. Most coins are following BTC so that's why we get the board sell off. This short term correction is both natural and needed. I think is a great entry point for long-term investors. I'm adding BTC, LTC and ALGO at the moment.

Do you guys think this is a healthy pullback or is it 2018 all over again?

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