Bearish on BTC with a potential Last Point of Supply in Process
At the moment, I'm calling for a fall on BTC to a new support level at potentially $40,000.
The current range has formed a descending triangle in what I am seeing as a re-distribution trading range.
Noted a few things observed on my chart
*The volume spikes during the development of the TR. Both exhibited bullish behavior that eventually fizzled out into the resistance levels. No commitment above. Transfer of stock to weak hands?
*Currently at the support level and showing near no demand agressivness like what has seen before off this level
A thing to keep in mind: if we break this level, a quick fall is likely which could be our true spring and thus change the outcome of this TR. If demand cannot come in though we will be in real trouble. There are many things that exist outside of the chart on a macro level that I find hard to ignore in terms of a possible bear market. Omicron, Evergrande, Gov Debt, Huge Asset Bubbles; these are all risks to stability in the markets and can quickly generate fear and in turn, people will leave risky assets or assets that appear to be drastically over valued.
The current range has formed a descending triangle in what I am seeing as a re-distribution trading range.
Noted a few things observed on my chart
*The volume spikes during the development of the TR. Both exhibited bullish behavior that eventually fizzled out into the resistance levels. No commitment above. Transfer of stock to weak hands?
*Currently at the support level and showing near no demand agressivness like what has seen before off this level
A thing to keep in mind: if we break this level, a quick fall is likely which could be our true spring and thus change the outcome of this TR. If demand cannot come in though we will be in real trouble. There are many things that exist outside of the chart on a macro level that I find hard to ignore in terms of a possible bear market. Omicron, Evergrande, Gov Debt, Huge Asset Bubbles; these are all risks to stability in the markets and can quickly generate fear and in turn, people will leave risky assets or assets that appear to be drastically over valued.