$BTC The most frustrating thing about this cycle is right here: lots of choppy action, very few rallies!!!
If you don’t chase, a few green candles will send the price soaring until you’re too scared to get in!
But the moment you get in? A slow bleed and sideways action grind you down until you start questioning everything. The tone was set early on,
and things will only get harder from here.
US inflation risks are heating up again, the dollar is strengthening, and BTC is taking the hit. A huge bearish weekly candle has engulfed the previous one, and the daily chart keeps sliding. The earlier idea of “range-bound trading while waiting for a rebound” is out the window.
The 4-hour chart is in a one-way downtrend, with the market also pricing in a Fed rate hike in December. Bears are in control, and bulls are on the back foot. It’ll be hard to get a major move for the rest of the year.
Fear is maxed out, and those trying to buy the dip without any protection have been caught at the top again.
There’s still a risk that the low-level sideways action below will continue. Wait for a wick-catching entry to ride the rebound, and don’t blindly short in a vacuum.
In the short term, watch 67300-66000 below.
Let’s see if tomorrow’s daily close can hold above 70000.
If it can’t, the price will likely keep falling in the short term.
That ETH 2083 short position was a sweet 🤏 win!! Next, I’ll keep waiting for opportunities to set up 🫡🫡🫡
$ETH $SNDK
If you don’t chase, a few green candles will send the price soaring until you’re too scared to get in!
But the moment you get in? A slow bleed and sideways action grind you down until you start questioning everything. The tone was set early on,
and things will only get harder from here.
US inflation risks are heating up again, the dollar is strengthening, and BTC is taking the hit. A huge bearish weekly candle has engulfed the previous one, and the daily chart keeps sliding. The earlier idea of “range-bound trading while waiting for a rebound” is out the window.
The 4-hour chart is in a one-way downtrend, with the market also pricing in a Fed rate hike in December. Bears are in control, and bulls are on the back foot. It’ll be hard to get a major move for the rest of the year.
Fear is maxed out, and those trying to buy the dip without any protection have been caught at the top again.
There’s still a risk that the low-level sideways action below will continue. Wait for a wick-catching entry to ride the rebound, and don’t blindly short in a vacuum.
In the short term, watch 67300-66000 below.
Let’s see if tomorrow’s daily close can hold above 70000.
If it can’t, the price will likely keep falling in the short term.
That ETH 2083 short position was a sweet 🤏 win!! Next, I’ll keep waiting for opportunities to set up 🫡🫡🫡
$ETH $SNDK
