BTC/Cryptocurrency Analysis 6/28 — hyper bearish

Today, I want to point out some ugly and uglier things happening. Bears are in full control going after liquidating bulls. Hint: They are, with great success. Every time I look at https://charts.aggr.trade/crbj (Aggr), I see massive, massive liquidation hunts. I noticed this trend in correlation with the Binance Futures funding rates. TLDR for today is: market go down. Waaaaay down.

purple short liqs, yellow long This was much earlier

this however, is now. Notice a giant amount of liquidations down there. It ain’t over.

What are we seeing that tells us the damages? Well, OI (open interest) isn’t rising with longs, and it is with shorts. That means shorts are fakes, and longs are real.

here’s an example. Note how the longs were rising (bottom dotted line), but the OI doesn’t? Yeah.

So, enjoy the ride down to 18k, 16k, whatever hits the definition of uglytown. Because we might be filling that $18k gap this week on the CME chart. We just had futures expire last Friday, and guess what? Down she goes.

TradingView Chart

This final leg of the downtrend looks like volume is steady but a little decreasing, and yet….that’s only on the daily. Where everything screams maximum bearish.

Overall, btc is about to break *down* a trendline. Not so good.

Oh, and did I mention the weekly chart? Because if you want to see bullishness…you’re probably not going to be liking that too much either.

TradingView Chart

Picture version. You know what the whole thing is? One big, ugly head and shoulders on the weekly chart.

As if that’s not enough, the news in this cycle is the ugliest I’ve ever seen. Russia is going to pull down the global economy. Guess who’s big on crypto to avoid sanctions? Russia.

Russia’s default for the first time since 1918 is very significant (note the timing), and their people are on strike from being unpaid. This means they’re going to have to sell some crypto to make ends meet, and well…take a guess what that means for the market. Meanwhile, Russia randomly threatens USA, Spain, UK, France, Germans and others. Go home Russian war machine, you’re drunk.

Photo: Russian propaganda equivalent. Photo by Erik Mclean on Unsplash

Oh sorry, this isn’t all the happy times news I have for you. I have more. China’s getting ready to get military involved and invade (IE: kill everyone living within who doesn’t comply) Taiwan. First they authorized their military, and then they started raising threats over naval control. As if that’s not enough, the supreme court effectively walked back abortion and allowed for prayer. So, even the US is looking at a possible civil war, all brought on by Russia.

Putin's Plot to Get Texas to Secede

Maybe you do or don’t know, but the article above? That’s from 2015. Yep. This isn’t some new Putin plan, he wants to fund some idiots to attempt to secede which has been something far more vocal lately.

This will be about as fun a read as you imagine it might be.