Nice clean breakout a few days ago...
I was short before last weekend and closed it because I was scared bitcoin would break up out of its wedge over the weekend.
I think this could go much lower very quickly if BTC starts melting down and I really want to be in if that happens. Got a tight stop above 30.
Here is my take on the weakness of BTC:
Instead of continuing its volatility/range expansion to break above 40k, BTC suddenly stopped at 36k on June 29. It reversed, and has been forming a descending wedge since then.
The analysis may be a bit naïve but I think it denotes a change of character.
Note, the volume is not above the 20-day average volume yet, but...
BTC is acting really weak.
With the stock market showing obvious signs of weakness, and assuming the BTC/stock correlation resumes when the overall market declines, we could see a big flush to the downside with a capitulation of the bUy ThE dIp / dIaMoNd HaNdS clowns.
Keep in mind, if it actually breaks down out of the wedge but then comes back into it with...
This came up in a lot of my scans... Maybe the next $MRIN ? Holy molly
This is an insane move. There was virtually no volume before that. Low float. Low cap.
This may be going very quickly to 20 if 10 does not show any sign of resistance.