BTC Macro Update - Brace for Panic and Capitulation
I want to keep this one relatively short so I will let the chart do most of the talking. Check my last posts if you want more information.
Updates:
1) Zoomed in so that the first market cycle is no longer visible. This change improves legibility.
2) Adjusted the macro resistance line and included the old resistance line which is represented by the segmented line. If you pay close attention, checkpoint number 7 did not touch the final macro resistance line in the last market cycle either. BTC is known for slaughtering traders by readjusting its trend lines.
3) Highlighted similarities between the weekly RSI rejections.
4) Highlighted bearish OBV divergence.
5) Added hypothetical descriptions of the phases of this market cycle.
6) Removed indicators of death and golden crosses to reduce clutter.
7) Highlighted the rising wedge we just broke down from.
Remember to be careful if you want to short this. Massive short squeezes and dead cat bounces on the way down are fully expected. The best time to short this was above 12k. My macro shorts are already nicely in the green. :)
Be safe and see you in a future update. I probably won't post for quite a while so feel free to follow me if you don't want to miss out on future updates.
Updates:
1) Zoomed in so that the first market cycle is no longer visible. This change improves legibility.
2) Adjusted the macro resistance line and included the old resistance line which is represented by the segmented line. If you pay close attention, checkpoint number 7 did not touch the final macro resistance line in the last market cycle either. BTC is known for slaughtering traders by readjusting its trend lines.
3) Highlighted similarities between the weekly RSI rejections.
4) Highlighted bearish OBV divergence.
5) Added hypothetical descriptions of the phases of this market cycle.
6) Removed indicators of death and golden crosses to reduce clutter.
7) Highlighted the rising wedge we just broke down from.
Remember to be careful if you want to short this. Massive short squeezes and dead cat bounces on the way down are fully expected. The best time to short this was above 12k. My macro shorts are already nicely in the green. :)
Be safe and see you in a future update. I probably won't post for quite a while so feel free to follow me if you don't want to miss out on future updates.
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