Bitcoin BTC Range Likely To Be TestedLet me give you all the reasons I'm Bearish on Bitcoin where we stand.
~It has now been roughly 90 days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year.
~Clear deviation from the standard Bull run cycle indicating something is pulling strings on the broader scale markets.
~Inflation concerns bouncing around from not worried to worried on a large scale, which tells me it's all just a stay calm and trust the process approach. We have seen how this turns out in the past.
~Short squeeze after short squeeze from the Meme stocks on the stock market, rallying a huge new inflow of first-time investors. This spilled heavy onto the crypto market and crypto steadily became a social media trend. All the buying came at the top.
~So when Moon???
~We are seeing multiple Death Crosses on multiple time frames
~This decrease in volatility is being passed around as a good thing but from my perspective, it is more likely it is a bad one. We have been in a range now for upwards of 55 days which has brought us to this moment. Every time BTC has had a parabolic move to the upside there was a flash crash downwards that created a spring effect. We have not seen this at all which tells me quite clearly price is favoring down rather than up at the moment.
~Why would BTC break a 6 month Down Trend during low volatility times?
~The Bulls have constantly hit their SL repeatedly, and Bears have been having a field day
~Today (07/12) BTC was at the crossroads seemingly ready to break the downtrend and someone strategically sold 356 BTC on open (12 Million) and then proceeded to take every Bulls Stop Loss the rest of the morning. That is by plan.
~More Alt's being created than ever before and growing exponentially. The market is completely flooded.
~DOGE caught a lot of people's eye this year with Elon's playing puppet show but have since been drug through hell. To top it off there are now 18,000 new crypto projects with the name $DOGE in it. Does that seem like a healthy market?
~Supply shock is another narrative being passed around and fundamentally it has value, but it doesn't just occur on a dime. There is no reason to believe it hits the market at 30k+ rather than 20k or potentially lower.
~Volume is so low it's practically not there in the grand scheme of things. No real buyers that create movements in the market have stepped in and I don't see them doing so at this level. We have seen small spikes but this is from hope still surviving in the market.
~Take a look at the RSI for example. Many look at it as a sign of Bullish Divergence but from my perspective that is the symbol of hope in the market. It's visual proof the bulls simply don't want to drown. The price movements started volatile but have slowly lost strength along the way. Just as if you were drowning. I suspect if that RSI breaks down, that hope will diminish rapidly until there is another glimmer of hope they can grasp onto after the next leg down.
Interested in your perspectives,
