Gap down in progress
I’m hours away from posting what is likely to occur shortly, where either BTC gaps down or BTC closes the gap. Probably by the time I post this. Note BTC price vs BTC1! Unsurprisingly, Eth in in the same boat, about $10–15 above the gap pricing right now. But that’s not really what matters here, overall. It’s the same bear market, where people want to believe that bounces happen.
Reality however, is not so kind to people that are willing to look around. What do we have? on a weekly chart: SPY closed barely below 200MA, ETH is barely on top of it, and BTC is way under it. Remember, ETH has basically no future in reality and BTC, well, is even worse off.
Can crypto be the future? Absolutely in some way. Does that mean any part of what exists today? lol no. There will be a bounce somewhere someday, but in the next 2 weeks? It isn’t likely to be Crypto.
Right now bulls are heavily overleveraged, unless they get lucky and we move up which is not likely. We have a straight bearish divergence on the daily for $BTC. :
See ya. Protect the wallets folks, this isn’t the best time to buy.
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