BYBIT:BTCUSDT   BTCUSDT Perpetual Contract
good evening,

coming through with some bad news here.

btc does not look so hot breaching the local golden zone as i type this.
there was no absorption \ no demand in one of the highest areas of liquidity, which is not a very good sign for the bulls.

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i've to deviate from my bullish approach towards the market as of this moment, and lean towards this idea which i shared last week via:

I call this scenario, the wave triangle.

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i've noticed over these last couple of weeks as btc continued to range sideways, that there was no real momentum behind any of these moves.
we've continued to build bearish divergence on the larger timeframes, and we are currently about to backtest the monthly 21ema yet again.
it isn't going to hold forever, so i do expect a breakdown eventually which will take us to about 24~20k.

this is not something many people would ever think of happening, and it will surely catch a ton of humans off-guard.

as of me typing this, 97.1% of the cumulative market is net long.
2.79% of the market is short.

think about that for a moment.


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