RE: Arb21 May 2021 07:39
This BTC sell off/correction may best the best thing that happens to Arb.
Why? ARB was stuck in the mud, when BTC was up >5% it hardly moved, when up >8% again, it hardly moved. Now, we have a new influx of buyers (the dip were bought into pretty quickly, most traded stock on HL, the volume on Tuesday was insane). This reminds of me the Jan-Feb days, where it really was a leveraged return (to the upside) on BTC movements- the last 2 days have reflected this.
BTC also needed a new influx of buyers and support, it was also stuck in the mud and reached a ST top. Corrections are sometimes needed, but when they correct and you see the above, you know it puts us in good stead. One other point, BTC corrected BUT stayed above its 200 day moving average which has previously been a v v bullish signal. I am not a technical analyst, but I do like precedent- precedent tells us BTC will kick on from here. ANyway, I'm here for the long run- enjoy the ride folks.