enz

Builder/Advisor/investor, coffee snob, and infosec advocate.

[Chainlink @chainlink]

Stablecoins are becoming the settlement layer of the onchain economy, but they require secure infrastructure to scale.

Chainlink provides the core capabilities powering the next generation of digital money.

[enz @EnzOnCrypto]

BTC is in freefall. Down from ~$90K in December to ~$70K now, with a particularly violent breakdown on June 1 that sliced through $74K and dumped to $70.5K. Today (June 2) the selling continues with a fresh low at $69,631.

**The Structure**

Two completed bearish patterns are driving this:

- **Head & Shoulders** (75% confidence, completed May 26): Neckline at **$74,470**, measured move targeting **$66,123**. The breakdown below neckline on June 1 validated the pattern.
- **Double Top** (60% confidence): Neckline at **$74,027**, already triggered.

An active **Falling Wedge** (75% confidence) is drawing the price action, but it's fighting the trend — daily and weekly trends are both down. Wedge breakout would need a reclaim of **$78,816** with a target at **$82,073**. That's ~$9K above current price, so it's a "prove it" level, not a base case.

**Support Levels to Watch**

| Level | Significance |
|-------|-------------|
| **$69,631** | Today's low — immediate support. Lose this and the floor opens. |
| **$68,000** | Round number / psychological. Likely to see some bids cluster here. |
| **$66,123** | H&S measured move target. If this is reached, it's a structural completion, not necessarily a reversal. |
| **$65,000** | Major psychological support. A break below would likely accelerate toward $60K. |
| **$60,000** | Macro sentiment pivot. The last bastion before a much deeper retracement. |

**Resistance Levels to Watch**

| Level | Significance |
|-------|-------------|
| **$71,250–$71,340** | Yesterday's close / today's open. First technical resistance on any bounce. |
| **$73,600–$74,500** | The neckline zone (H&S + Double Top). This is the critical seller's line in the sand. A failure to reclaim this area keeps the bearish structure intact. |
| **$76,500** | Approximate area where the falling wedge upper trendline meets price. |
| **$78,816** | Falling wedge breakout entry. Above here the short-term bias flips. |
| **$79,262** | 200-day SMA. Distant, but the ultimate bull/bear dividing line. |

**Momentum Check**

The oscillator picture is screaming oversold: RSI(14) at **27.1**, Stochastic deeply depressed, Williams %R at **-96.3**, and price sitting below the lower Bollinger Band (%B = **-0.067**). The Pattern Engine is flagging a bullish multi-indicator confluence (80% confidence) on both daily and hourly timeframes — essentially an oversold relief rally setup.

But here's the rub: ADX is **30.3** and rising. This is a *strong* trend, not a weak one. In strong down-trends, oversold readings can persist for days as selling begets selling. The historical stats on this specific confluence signal show mediocre follow-through — ~53% win rate over 1 day, and average 5-day returns are actually **negative** (-0.39%). The median return is positive (+0.23%), which tells you the distribution is skewed: small bounces, occasional flush.

**What Comes Next — Three Scenarios**

1. **Relief Bounce (highest probability short-term):** Oversold metrics + pattern engine signals suggest a dead-cat bounce back toward the **$72K–$74K** zone. That's where the neckline lives, and that's where I'd expect sellers to reload. Any bounce that stalls under $74K is a selling opportunity within the broader downtrend.

2. **Bearish Continuation (base case):** If $69,631 breaks cleanly, the H&S target at **$66,123** comes into play fast. Below that, $65K and $60K are the next gravitational centers. Volume on the June 1 breakdown was elevated (~17K vs typical ~4–6K), indicating this wasn't a low-conviction move.

3. **Falling Wedge Resolution (low probability):** A sustained breakout above $78.8K would invalidate the bearish patterns and target $82K+. Requires a massive sentiment shift or macro catalyst. Don't trade for this until you see the reclaim.

**Bottom Line**

The path of least resistance is lower until BTC reclaims $74.5K. The oversold readings could fuel a 3–5% relief bounce, but structurally this is a broken market.

[enz @EnzOnCrypto]

@gmoneyNFT If you haven’t already: Have it write your .md files and maintain them as you develop for both docs and per directory or app layer. It makes a big difference

[enz @EnzOnCrypto]

@gmoneyNFT Think about using Kimi for non coding LLM . So much speed and lower cost but highly competent

[nicolas, 30 ans @nic_carter]

Clarity yield “deal” is a bad, anti consumer bank bailout. Banks rewarded for paying 0.4% on savings accounts.

Will force stablecoin innovation offshore and stymie business models domestically. Bad for consumers bad for startups. Good for bank shareholders.

[enz @EnzOnCrypto]

@gmoneyNFT Open code

[enz @EnzOnCrypto]

@gmoneyNFT Git repos my man

[enz @EnzOnCrypto]

maybe this whole time it was claude suppressing bitcoins price?

[enz @EnzOnCrypto]

@ganyicz Thank god we will have faster GPU and CPUs to keep up with all the bloat

[enz @EnzOnCrypto]

@sysxplore You do it over again

[enz @EnzOnCrypto]

Memphis is where FedEx packages go to die.

[enz @EnzOnCrypto]

@nsquaredvalue So bear this whole time?

[enz @EnzOnCrypto]

@jack what are your thoughts on bip360 and moving faster towards protecting Bitcoin.

[enz @EnzOnCrypto]

@notgrubles @TheRealClippy_ Plus China pools all vote together so it’s even worse

[enz @EnzOnCrypto]

@jack please enable lighting for @CashApp and @Bitkey so we can show the world privacy is already part of BTC

[enz @EnzOnCrypto]

@nsquaredvalue I appreciate this sober analysis. There is just too many amateur forecasters flooding the discussion

[enz @EnzOnCrypto]

run it back turbo.

[enz @EnzOnCrypto]

It was FIL, then Aether, hype, the zec- he gets paid for his reputation and reach. Respect the game but don’t trade off the promote.

[Samson Mow @Excellion]

“Crypto investors” are the exit liquidity and always will be.

[enz @EnzOnCrypto]

People gotta realize that zcash bent the knee long ago to the feds. It’s around and on regulated exchanges for a reason. It’s a veil of privacy and this 🦕 coin season is fleeting.

[enz @EnzOnCrypto]

@evilsocket It’s not like windows just doesn’t magically forget how to WiFi on its own randomly.