This whole luna BS has fucked up the entire trading market technically. I usually short shitcoins, but also long btc/eth from time to time. Now I dont really know what to do. Cant go short without getting squeezed, and going long is also probably not a good idea since I feel like this is a fundamental problem with crypto itself, Im only bullish on bitcoin and eth, but even that is a stretch. Every alt coin is essentially trash that has its value based on the value of btc/eth- whos valuation is also at risk right now. I dont care what complicated staking, stock-to-flow or liquidity incentive you tell me about, this is the real truth of it all- If bitcoin and eth crash, all the alts go down with it, period. However now it is really hard to short after such a long and drastic recent decline. What are your trades lately? Shorting at resistance? Buying here? just holding tethers?
Note: ill always be long btc/eth in investment terms, but this post is for the TRADERS of crypto, I dont care about your bags of Dot, safemoon or ADA or whatever the fuck. you know those people who shall short shit coins until they are 0, any one thats been in this game long enough knows that the chances of getting squeezed are probable, but now they are immense and essentially untradeable. like the volume on LUNA was negative, up 500 percent yesterday, now down 50, what the fuck? I wouldnt touch LUNA with a ten foot pole after what happened but anyone who is trading sees how this affects all the other coins as well.