Something very strange is happening in precious metals right now:
In just 3 hours, gold and silver just erased a combined -$2 TRILLION in market cap.
Meanwhile, oil prices have erased their gains on the day and US stock market futures are nearly green.
Since the Iran War began, such a reversal in oil and equities has almost always sent gold prices higher.
So, what just happened?
The sporadic moves in price could signal that a potential large player in the space is being liquidated.
But more importantly, the persistent move higher in the 10Y Note Yield, which is now at 4.40% and up +45 bps in 3 weeks, is beginning to weigh on various asset classes.
Combine this with headline fatigue and "pockets" of illiquidity in the market, and the massive gaps to both directions are only growing.
Something big is happening metals markets right now.
🚨 Foreign Ministers of UAE, Turkiye, Egypt, Jordan, Indonesia, Pakistan, Qatar and Saudi Arabia issued a joint statement condemning continued closure of gates of Al-Aqsa mosque during the month of Ramadan by Israel's occupational forces.
Right now the fear index is 15, that's mean people are in extreme uncertainty, the holders are selling and the new buyers are not buying, what can you do in this situation if you are holding some coins? The only thing you can do right now is hold, if you are in spot and in good project then you are safe, the market will recover. Just hold tight.
This is how you feel when you enter the market without stoploss. Burn the ships. 😅
Just joking, you must have a stoploss even in the spot market. When you need stoploss:- 1: If you are in a coin or project that you don't trust, and you only want to scalp in it. 2: If you are trading for short term and are not planning to hold for long term, even if the project is good. 3: If your portfolio is small.
$POL on 4 hour timeframe. Right now Matic token is in his uptrend on 4 hour timeframe, for continue upward movement it's price should hold above the trend line, meaning if 4 hour candle closes below trendline and than than trendline act as a resistance than we will have a short-term downtrend.
1: The more touches you have on the trend line, the stronger the trend is. 2: The longer a trend lasts, the more significant its level becomes. 3: If the trend is aggressive, the less sustainable it becomes. 4: Trendline requires adjustment and vigilance, e.g below chart is an👇 example of $ETH rangebound market shift to short-term downtrend market on 4 hour timeframe. 5: Levels of support and resistance are never exact, they change with the market.
During this dip, I am accumulating ETH $POL and $SOL . Buying in every dip, and also doing scalping where I get the chace, but right now scalping is risky if you are not planning to hold that coin for medium to short term.