Friendly reminder that the trend is down long term...Here's how the monthly chart looks in $BTCUSD as of right now. Unless this month's range is wiped out, you can expect continued downside for months to come with substantial certainty. Don't fight the trend, remember what Old Turkey would say: well, it's a bear market after all. So much filth is gradually being exposed, and a lot more dominoes will fall into place if we continue falling:
What am I missing?
Feel free to comment with interesting bits and pieces of info so that we can complete the puzzle here. It's in flux but the trend is clearly not positive for crypto here.
Best of luck!
Ivan Labrie.
- Miner capitulation: no sign of abating, will accelerate below 14200 (see all earning reports for publicly traded mining firms, all at risk due to being leveraged long $BTCUSD with $BTCUSD / ASIC collateral pretty much. Tough time to service debt with higher rates, and less availability of credit. (rising credit spreads) They might be forced to puke out of their Bitcoin positions at whatever price...
- Saylor at risk below 13500: $MSTR might be at risk of collapsing the lower we go, which charts suggest we will, can cause a flood of supply hitting the market, same as miners selling or worse.
- Mt Gox repaying creditors?
- Contgion is the name of the game: 3AC, Terra, FTX, BlockFi, Genesis... Silvergate next? Tons of bad credit and leverage built into the system are gradually being unwind, nowhere near done.
- Regulatory risk increasing by the hour.
- Stablecoins at risk as well...Talk of CBDCs accelerating, which might or might not matter much, but worth monitoring.
What am I missing?
Feel free to comment with interesting bits and pieces of info so that we can complete the puzzle here. It's in flux but the trend is clearly not positive for crypto here.
Best of luck!
Ivan Labrie.
