There are two ways you can look at this past week.
A.) Paranoid bias for the bull case: "This was the last leverage shakeout before 100k"
B.) Paranoid bias for the bear case:
- We broke under the EMA ribbons, bull market support band, and had a bearish MACD cross on the 1W chart
- This is just a dead cat bounce.
I personally subscribe to scenario b, however with rising inflation you really cant be sure. With that being said, one thing you CAN be sure about is the reality that bitcoin is looking like much more of a risky investment than it was earlier in the year, and that every single trader here has a plan to sell before the rest. Do you want to be left holding the bag at the end?
Marking this post as neutral. NFA.
A.) Paranoid bias for the bull case: "This was the last leverage shakeout before 100k"
B.) Paranoid bias for the bear case:
- We broke under the EMA ribbons, bull market support band, and had a bearish MACD cross on the 1W chart
- This is just a dead cat bounce.
I personally subscribe to scenario b, however with rising inflation you really cant be sure. With that being said, one thing you CAN be sure about is the reality that bitcoin is looking like much more of a risky investment than it was earlier in the year, and that every single trader here has a plan to sell before the rest. Do you want to be left holding the bag at the end?
Marking this post as neutral. NFA.