A little explanation for what is happening today

Shortest TLDR of all time - This dip is still the aftermath of Elon's FUD.

This happened when Bitcoin was hitting critical support levels, and now we are seeing a temporary lapse in the ongoing Bull market. Before we get into it, just be aware that this sort of event has happened before, many times.

Why the dip is happening:

1. People traditionally use the combination of Bitcoins 21 week EMA and 20 week SMA to find what they call a "bull market support band".
2. When Bitcoin is not above at least one of these two levels, it is seen as a reliable indicator that the entire crypto market is due for a correction. Every time this happens in a Bull market, we see a dip. A move like this usually precedes upward movement by BTC, followed shortly after by a larger move from ETH.
3. Elon trashed Bitcoin specifically, driving Bitcoin down below these levels, where it is currently sitting. This was the red flag for many traders to sell a local top, sparking a dump.
4. Due to speculation on this being the end of the bull market (it isn't) we are seeing the dip. We may continue to fall until Bitcoin again breaks back into its support band. The expectations for EIP-1559 in July may mitigate a lot of the downside for ETH, but we can't know.
5. Typically a breach of the bull market support band lasts about a week. We are on day 5.

What you should do:

1. Do not FOMO into selling a local top with the intent to rebuy at the bottom of the dip. Unless you're a skilled TA, or just really lucky, you have a high chance to screw this up, trigger a tax event, and pay fees twice. Remember the difference between short and long term capital gains is about 10% of your total profit! It's not worth the risk if you were here for the long term already.
2. Watch Bitcoin if you're looking to buy in. When Bitcoin starts to see support again, ETH has a really high chance to jump +25% in a matter of days.
3. Everyone has diamond hands until things get shaky. Just remember "The market is a tool to transfer wealth from the impatient, to the patient." For the sake of your own wellbeing, do not sell low.
4. We will go back up and set new all time highs, this is something that literally nobody debates, so close your chart, and relax!

This is not financial advice, I am not a financial advisor, make your own decisions, you know the drill.

Take care all ✌