My system is flashing bearish again, and I’ve turned cautious heading into year-end. I think BTC and ETH likely start breaking down soon, with retests of 90K and 2800 on the table after a bit more chop.
BTC failing to react positively to what’s arguably the best possible news — the trade deal — is a huge red flag. That tells me sellers are still dominating the rips, whether it’s OGs derisking on the 4-year cycle theory or MMs, traders, and funds still licking their wounds from the October 10th selloff.
A December rate cut is far from certain, and tradfi PMs will likely take profits to lock in a strong year — setting up a risk-off correction. When equities rip, crypto lags. When equities correct, crypto gets crushed.