Double top formation at $50,000 following the ETF sell the news event. Major ETF sponsors are accumulating at market lows in order to effectively dump at the relative highs. VIX made a notable spike yesterday, alongside negative inflation data, rising geo-political tensions, the most recent FED statement confirming no immediate intentions of rate cuts in March and a whole host of other bearish sentiment.
Additionally, one must pay attention to the lack of retail interest in the space during this period. With credit default rates rising to match that of the Great Recession, one wonders how the SPX index managed to be so resilient on its course to $5000. This bullish trajectory being fulled by hopes of a "soft-landing" whilst the banking sector develops into a crisis, inflation data remaining sticky, US debt burgeoning and the potential for more direct US armed conflict increasing.
Immediate focus on the hanging man reversal candle on the daily timeframe at previous resistance. Clear neckline formation for a double top created at $38,000. Trajectory for a reversal to just over $30,000 BTC. This is typical of the last halving events that saw similar reversals leading up to the main event, price action beyond that expected to be exceptionally bullish based on sector trend analysis and continued accumulation by the ETF sponsors.
Play as you will, ignore the hype and mania.
Additionally, one must pay attention to the lack of retail interest in the space during this period. With credit default rates rising to match that of the Great Recession, one wonders how the SPX index managed to be so resilient on its course to $5000. This bullish trajectory being fulled by hopes of a "soft-landing" whilst the banking sector develops into a crisis, inflation data remaining sticky, US debt burgeoning and the potential for more direct US armed conflict increasing.
Immediate focus on the hanging man reversal candle on the daily timeframe at previous resistance. Clear neckline formation for a double top created at $38,000. Trajectory for a reversal to just over $30,000 BTC. This is typical of the last halving events that saw similar reversals leading up to the main event, price action beyond that expected to be exceptionally bullish based on sector trend analysis and continued accumulation by the ETF sponsors.
Play as you will, ignore the hype and mania.