Regardless of all the hopium charts floating around and all the different theories and fractals that pit BTC to eleventy billion in a few years, I cant help but address the elephant in the room..... whos buying?
We have seen some serious drop in volume recently and its only getting worse as we continue to range closer towards breaking point, that support zone around 30k imo is all thats holding it up right now.
Good chance that the retail money that was driving the market is now trapped and with so much uncertainty (regardless of what they chart) there really isnt much buying going on.
This is what happens on speculative assets, when the buyers are all in there is no organic demand to continue to drive price, retail have no money left because its all tied up in heavy positions.
Happy to be proven wrong but unless we get a clean break from this channel with a big volume spike I feel its only a matter of time that we start eating our way through the demand at 30k and clipping stop losses causing panic sellers and break out traders to jump into shorts causing further momentum on the downwards move.
Calling it early and I'm locked and loaded ready for the drop, but if we nuke this channel to the upside ill consider closing out my short from 41k.
We have seen some serious drop in volume recently and its only getting worse as we continue to range closer towards breaking point, that support zone around 30k imo is all thats holding it up right now.
Good chance that the retail money that was driving the market is now trapped and with so much uncertainty (regardless of what they chart) there really isnt much buying going on.
This is what happens on speculative assets, when the buyers are all in there is no organic demand to continue to drive price, retail have no money left because its all tied up in heavy positions.
Happy to be proven wrong but unless we get a clean break from this channel with a big volume spike I feel its only a matter of time that we start eating our way through the demand at 30k and clipping stop losses causing panic sellers and break out traders to jump into shorts causing further momentum on the downwards move.
Calling it early and I'm locked and loaded ready for the drop, but if we nuke this channel to the upside ill consider closing out my short from 41k.