$BTC
Prices are rising into the marked area that we highlighted,
We’re seeing the relief rebound we had expected earlier,
then the final push down toward the low 50,000s.
From my timeline, everyone is calling that “the bottom is in,”
I don’t think that’s the case. In my view, this upward push is only taking into account where the monthly candlesticks close—just a relief-style pump.
One thing is certain: if we start dropping from these levels toward the low 50,000s,
that would be one of the most severe bull traps we’ve seen, and it would wreck a lot of people.
Before we get a decent pump higher, liquidating all excessively leveraged positions is actually reasonable.
Remember, July still could end on green, because our monthly target is 58.6k—which is very close to the low 50,000s, so it’s easy for us to close above it.
Overall, I think July will be a fairly volatile and choppy month,
followed by a bearish August, which may mark the bottom of this bear market.
$BTC
Prices are rising into the marked area that we highlighted,
We’re seeing the relief rebound we had expected earlier,
then the final push down toward the low 50,000s.
From my timeline, everyone is calling that “the bottom is in,”
I don’t think that’s the case. In my view, this upward push is only taking into account where the monthly candlesticks close—just a relief-style pump.
One thing is certain: if we start dropping from these levels toward the low 50,000s,
that would be one of the most severe bull traps we’ve seen, and it would wreck a lot of people.
Before we get a decent pump higher, liquidating all excessively leveraged positions is actually reasonable.
Remember, July still could end on green, because our monthly target is 58.6k—which is very close to the low 50,000s, so it’s easy for us to close above it.
Overall, I think July will be a fairly volatile and choppy month,
followed by a bearish August, which may mark the bottom of this bear market.
$BTC
