Bitcoin losing the diagonal, squiggles taking us lower. All the energy was used to flip it bullish, now it's probably got to regain fuel down near 60k.
I need to see more momentum on the OBV.
As long as the indicator remains below this downward trendline, I still expect a choppy market phase, with unreliable breakouts and movements lacking continuity. $ETH
A decisive breakout on the OBV, accompanied by a rise in volumes, would, on the other hand, be an initial sign that market participation is returning and that trends could become clearer and more sustainable.
My Bitcoin thesis is simple.
The only thing I can currently see making Bitcoin bottom sooner is the passage of the CLARITY Act.
If that does not happen, I think Bitcoin is likely to head lower.
I already have a Bitcoin long from $58,000, which filled at the exact bottom. I will keep this trade open regardless.
Even though I expect Bitcoin to move lower, I do not want to trade around this position completely.
I do not want to risk missing the bear market bottom if Bitcoin bottoms earlier than expected, possibly because of the CLARITY Act.
If Bitcoin does move lower, I have millions of dollars in orders waiting to be filled.
If those orders fill, I will build what will be, by far, the largest Bitcoin long position of my life.
I will also keep my current trade open.
You can pause the video to see all my exact entries. Everything is fully transparent.
Bitcoin:
ignore those who tell you this time is different (both perma bulls and bears)
We have some chop left during summer. Q4 will be strong.
Accumulation is almost over.
The key area right now is that red box. CT will soon be calling it ‘altseason’ (just ignore their rubbish)
As long as $ETH stays above this level, the bullish outlook remains valid and the chances of the uptrend continuing increase.
If, on the other hand, we break below it decisively, there is a risk of quickly returning to a phase of weakness and seeing the market go rekt again.
For now, there’s no need to overcomplicate things: that level is all that matters.