morning,
btc rejected a key level and was sent tumbling down.
momentum slowly faded over the last few days, and the most important level which i talked about recently was not able to be breached to the upside.
i'm starting to lean with the idea that btc is playing out something far more sinister than most people are currently expecting.
---
we are hovering above the 21 monthly ema for the second month now, similar to what happened back in 2018.
i am expecting more sideways chop on the larger frames before a full on break down \ backtest of the 55ema on the monthly frame (in the mid\low 20k range).
if it'm right about this triangle, we should in theory see a few more weeks of re-distribution before it truly does break, and take away everything.
ps. there are still valid bull cases at play too, but they have lost merit this morning.
btc rejected a key level and was sent tumbling down.
momentum slowly faded over the last few days, and the most important level which i talked about recently was not able to be breached to the upside.
i'm starting to lean with the idea that btc is playing out something far more sinister than most people are currently expecting.
---
we are hovering above the 21 monthly ema for the second month now, similar to what happened back in 2018.
i am expecting more sideways chop on the larger frames before a full on break down \ backtest of the 55ema on the monthly frame (in the mid\low 20k range).
if it'm right about this triangle, we should in theory see a few more weeks of re-distribution before it truly does break, and take away everything.
ps. there are still valid bull cases at play too, but they have lost merit this morning.