BTC Forming Multiple Bear Wedges on Weekly Timeframe

Nov 13

Since failure to break above 126K, I am looking for continuation of descent towards levels market in red. We have:

1. Three failed attempts to go above 120K.
2. Dominating selling volume on weekly BTC market capitalization chart.
3. Diamond / Bear Wedge Patterns formation on daily and weekly timeframes.
4. Approximate end of Bitcoin bull cycle.
5. Absence of supporting buy-back volume on any time frame.
6. Most of the pumps get dumped within an hour.
7. Clear huge sellers at 108K zone and 102K.

Nov 13

Note

- June, July, August, September = quiet months whose volume staying under the average line.
- Look at October and November already. Crushing bearish volume.
- There were little buybacks. Look at green volume. It is not there. For months institutional buyers have already left the game leaving only retailers chasing the faked momentum.

- 401K won't save the overhyped crypto ETF macro this time. Why? Because only <1% goes into crypto overall.

Nov 13

Note

Update: BTC is about to set a new 6 months low

Nov 14

Note

New 6 months low set. Now on to the targets. 90K will likely be next support.

Nov 16

Note

BTC weakness in the area under 100K creates more stress-testing for other assets. Consolidation above 90K level will likely produce more selloffs in the market overall. I want to highlight that due to BTC.D stays around the same level, the weaker assets get dumped more aggressively in the current market conditions.

I am not calling this a bear market. But there are enormous number of signs indicating that crypto only will enter it soon.