Short

Bearish every way possible

Updated

MACD bearish divergence, RSI bearish divergence, Willaims%R double top similar to last cycle.

I will save the lecture on sentiment, by simply pointing out a few altcoins.

CUMROCKET, PEPE, DOGWIFHAT.

Top is likely in, and being that it barely broke all time highs of the prior cycle i will suggest there is literally no reason to buy bitcoin again for "another cycle" as it is unlikely to ever make new highs again.

This was the end of the line.

Google search shows no renewed interest in bitcoin, simply because everyone's already heard of it and made up their mind. No new fools to buy.

80% downside to start, with almost no bounces along the way. Will re-asses when we get ther, but I expect below 1000usd per coin shortly after that.

Note

the daily looks awful. I think people are really under estimating how bad this aborted attempt of new highs is.

Miners are going to go bankrupt, security is going to falter for the network, transactions will be stuck causing panic as blocks start taking days to confirm, no chance to even get your coins to an exchange, before the price falls by 50-80-99%

That's what happens soon after the April 20th havening.

You've been warned.

MACD turning down, Bearish engulfing candles everywhere, RSI trending down.

Note

Dead Cat Bounce.

Hidden Bearish Divergence on the MACD and the RSI. lower high in price, higher high on the indicators.

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Dead cat playing out as expected, and making clear a beautiful head and shoulders target of 45k.

bounce there for a bit, then lower obviously.

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The Halvening! Just not the one they expect.

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People are curious why I am anti bitcoin, well, its because bitcoin at its core is anti America. And betting against America has always shown to be a losing bet!

America is the shining light. Bitcoin is the bitter darkness.

(I am Canadian, not American, so this is not a biased outlook)

Note

The distribution taking longer than anticipated, which makes things even worse for bitcoin.

this is now full blow Wyckoff distribution...

were going lower than I expected after this, maybe sub 1000.

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Okay so, we have broken below the neckline and its pretty much down only for awhile.

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Long time since we talked bitcoin. But yes that was the top.

still short.

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This whole fiasco is taking longer than expected. the distribution phase is massive. bitcoin will NEVER see another all time high after this. They are unloading EVERYTHING. and frankly, there will be NO REASON to buy back after the sad diminishing return of this cycle while taking on all the risk of holding something worth nothing. You would expect outsized returns if you hold bitcoin, and yet that has failed to come true this "cycle"

I'm too lazy to post another chart but bitcoin is about to see a capitulation event in the next week, the bear flag is currently breaking down. I suspect it will try to bottom around 25-30k, but that will just be another bear flag for continuation lower. I would use technical analysis to figure out a bottom but honestly, nothing is showing up and my big brain tells me there is no bottom.

MikeMM

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