Dear community, hope all is well.
This week we had my bearish thesis playing out well. The 42k support broke and we came close to 40k. As expected, the 40k support held, for now. 40k is the strongest area of support since the bullish move started halfway September, so the bulls will not give it up without a fight.
My thesis remains. I think that the ETF launch marked the top for a good couple of months, potentially till the halving. Happy to be proven wrong with a weekly close above 50k, but it simply doesn’t seem as likely at the moment.
Overall bearish view on the market remains, however a “last-stand” from the bulls is not out of the question.
#Weeklyreport
This week we had my bearish thesis playing out well. The 42k support broke and we came close to 40k. As expected, the 40k support held, for now. 40k is the strongest area of support since the bullish move started halfway September, so the bulls will not give it up without a fight.
My thesis remains. I think that the ETF launch marked the top for a good couple of months, potentially till the halving. Happy to be proven wrong with a weekly close above 50k, but it simply doesn’t seem as likely at the moment.
Overall bearish view on the market remains, however a “last-stand” from the bulls is not out of the question.
#Weeklyreport