BTC Titanic Headed for Iceberg

BTC is showing bearish divergence on basically everything. You find a volume-based indicator ... hey, even on-chain volume, the least disputable of all of these ...and CME volume which probably isn't manipulated by China...and it's showing bearish divergence. We had a ton of trouble breaking that middle regression line before last high, and all this terrible volume suggests we'll have an even bigger struggle this time. Plus, the weeks after long holidays are ordinarily bearish for stocks, and BTC is basically the S&P 500 for establishment-haters; the correlation has become uncanny.

Since I'm risk averse, I want to short the break of the 50 Day EMA which corresponds with the regression channel; this is BTC, and we could see 65k tomorrow as far as I know, but once that channel breaks on decent CME volume, I'm comfortable this thing is falling a long, long way.

Comment:

Still no trade - although, apparently, when I was in Vegas last week, we tested the lower bound line again and are now back at the middle line. If we break through the middle line, I think we could see upside in the 70ks (top line). I'll be opening a long of BTC or a more volatile correlated crypto asset like BSC's CAKE to capture this upside.

But we could, of course, get rejected here again. It's quite hard to say; it's a key inflection point, and volume is still not supporting the move.

Trade active

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Trend line has moved up to the mid 5700's, and we decisively broke it. This is very bad for bulls.

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Target, as of now, is about 42k.