The weekly chart is getting scarier the more I look at it.
$BTC just got slammed back down to 81,700. The weekly MA7 is at 82,300, and price just barely touched it before getting pushed back down. The MA99 overhead is sitting at 89,400. This rally from 58,000 fizzled out at 83,000—it didn’t even reach the long-term moving average. $ETH is even weaker: at 2,400, with the weekly MA7 at 2,550 acting as resistance. It’s already down 12% in 30 days, much weaker than BTC. ETH ETFs saw more than $1 billion flow out in October—their worst outflow this year.
Take a look at the weekly charts yourselves, guys. Both coins are following the same pattern: sell off from ATH, rally, hit the long-term moving average, then turn back down. BTC fell from 126,000, ETH from 4,950. This isn’t a reversal—it’s clearly a relief rally in the middle of a downtrend.
No need to say much about the news either: the 10-year U.S. Treasury yield hit 5.3%, its highest since 2007; the 30-year yield hit a new high since 2002; oil surged past $100 amid the turmoil around the Strait of Hormuz; and the Fed minutes struck a hawkish tone, saying rates could go up by year-end. In this kind of liquidity environment, risk assets are getting absolutely battered. U.S. chip stocks have already started tumbling tonight. Meta shed 660 billion in a single night, BTC followed by dropping below 82,000, and 90,000 traders were liquidated in 24 hours.
I closed all the longs I added to during last week’s rally. I’ve opened a small short around 82,000, with a stop at 83,500. Honestly, with this weekly chart pattern, it’s pretty clear the rally is over. The next downtrend cycle has probably only just begun. BTC’s next level to watch is 72,000—let’s see if the weekly MA25 can hold. If it can’t, we’re looking at a deep bear market scenario.
Anyone shorting alongside me? Or do you think this is the final shakeout? Let’s talk in the comments.
$BTC $ETH #比特币 #以太坊 #Futures
$BTC just got slammed back down to 81,700. The weekly MA7 is at 82,300, and price just barely touched it before getting pushed back down. The MA99 overhead is sitting at 89,400. This rally from 58,000 fizzled out at 83,000—it didn’t even reach the long-term moving average. $ETH is even weaker: at 2,400, with the weekly MA7 at 2,550 acting as resistance. It’s already down 12% in 30 days, much weaker than BTC. ETH ETFs saw more than $1 billion flow out in October—their worst outflow this year.
Take a look at the weekly charts yourselves, guys. Both coins are following the same pattern: sell off from ATH, rally, hit the long-term moving average, then turn back down. BTC fell from 126,000, ETH from 4,950. This isn’t a reversal—it’s clearly a relief rally in the middle of a downtrend.
No need to say much about the news either: the 10-year U.S. Treasury yield hit 5.3%, its highest since 2007; the 30-year yield hit a new high since 2002; oil surged past $100 amid the turmoil around the Strait of Hormuz; and the Fed minutes struck a hawkish tone, saying rates could go up by year-end. In this kind of liquidity environment, risk assets are getting absolutely battered. U.S. chip stocks have already started tumbling tonight. Meta shed 660 billion in a single night, BTC followed by dropping below 82,000, and 90,000 traders were liquidated in 24 hours.
I closed all the longs I added to during last week’s rally. I’ve opened a small short around 82,000, with a stop at 83,500. Honestly, with this weekly chart pattern, it’s pretty clear the rally is over. The next downtrend cycle has probably only just begun. BTC’s next level to watch is 72,000—let’s see if the weekly MA25 can hold. If it can’t, we’re looking at a deep bear market scenario.
Anyone shorting alongside me? Or do you think this is the final shakeout? Let’s talk in the comments.
$BTC $ETH #比特币 #以太坊 #Futures