So many explanations for the drop, but are they really the cause? Look at the Nasdaq’s current structure: a clear top divergence on the 3-day chart. Now compare it with the topping pattern that started back in February.
On Bitcoin, this move looks like the long-anticipated second touch on the daily timeframe. The panic this time is far stronger than during the first test, which is exactly why a second touch was needed to complete the structure. And yet, some still point to the Xinjiang mining machine issue as the main trigger? This isn’t the 1994 playbook.
If trading perpetuals isn’t your style, there’s a cleaner alternative. A triple-leveraged Nasdaq inverse ETF like SQQQ offers far better liquidity than most of the crypto market, with risks that are easier to manage and returns that are more objectively defined.
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