Short

Updated

You have to short bitcoin here

Everyone who missed selling the top is now going to do so.

This is their way out.

Retest at the 886 is an eventuality IMO.

I rode bottom to top, now top to bottom.

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Most ideas seem to point to 28k then higher.

IMO we go higher now, or we blast through 28k to the downside.

Not every1 will be right.

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I find it probable we have one more squeeze up, very short lived.

something that reverses between the orange lines.

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Looks like its too weak to even complete the upside move... yikes.

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Blackrock CEO Larry Fink arrives on tv to try and pump bitcoin and it doesn't even move, instead it goes down slightly.

An ETF does not magically make people buy garbage.

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I didnt notice this before but its a rising wedge :P

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Real snoozer here.

Looks like shit still.

Lots of greater fools buying into new ATH this year i guess lol...

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Scammers are just squeezing late shorts nothing to see here. Back down.

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I have a couple comments to add as well:

USDC is the only stablecoin currently redeemable for USD. Its market cap has been in steady decline from 65b to 25b.

This is the only true liquidity supporting a 1 trillion dollar asset class.

25b to support 1 trillion doesnt seem like much to me.

what happens when it reaches 10? 5? 0?

Cause right now, binance is swapping tether for usdc to get into USD... theres not enough USD liquidity for everyone to exit.

SECOND: Considering it is the interest of the united states for bitcoin to fail, and the entire reason price is being held at current levels is the aspect of an ETF coming up, suppose the US govt decides to reject eftf, then dump their 200,000+ bitcoins on the market.

Confidence would be lost forever, as we fall to lows of 3 cycles ago.

not to mention saylor being liquidated for his 250k bitcoins, and every other loonie bin out there on leverage.

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10 years later...

were about to break down.

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Like i said, pure fucking garbage at this price is boarderline ponzi.

First potential support for a maybe bounce 21500, then 15500 then 6k.

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I think this could be long and drawn out if it happens.

The halving would occur and people would be discouraged as price was still around 18k, it would take another 130 days for the move to start, and most will have given up.

Market maker will have accumulated their position by this point, and the markup will occur.

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so the oscillators are currently resetting while bitcoin moves sideways.

simply preparing for the next dump.

cant expect it all to happen at once, the oscillators were already oversold. May get a pump before the dump, maybe not.

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This is a scam pump to retest the bottom of the falling wedge, the 200 week and day sma's.

dont be lured.

Down only for a long time now.

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Larger picture.

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Next stop is highlighted. gapfill on CME futures.

21500ish

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First let me say it.

DOUBLE TOP.

Now, take a look at these wicks as the price rises...

The Japanese candlestick traders considered this "rising in agony"

Bitcoins leg down is loaded. Fools got abused for exit liquidity, again...

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Ill be honest, I am very very concerned about every youtube video talking about an imminent recession. I thought we were past that phase of sentiment. Very Worrying INDEED.

I wouldn't short here, but i also wouldn't buy. caught between a rock and a hard place. Technical and fundamentals say its going lower, but sentiment says its going to 40k.

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Rolling over, looks like directional move is imminent.

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yawn. its like they want to keep people interested or something...

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Bulls just flip the chart and it all makes sense.

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Bull trap bear flag.

most bearish possible thing i could see is this exit pump.

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Wedge broken, expect pure capitulation in the following days/weeks

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LOL okay i mean, fake news pumped us to retest the underside of the wedge...

Crypto twitter soaking themselves in excitement not realizing they got lucky. They wont take any profits and will round trip, and then go negative...

Anyway... we have seen this candle many times in the past. trends relatively sideways near the mid point of the candle and then falls off a cliff.

MikeMM

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MikeMM