Hey guys. I feel we have a very strong bear thesis on BTC, on the technical and on the fundamental side. On the technical side, we are on a descending channel on the monthly, a bear flag on the weekly, and a descending triangle on the daily. The weekly EMA ribbon is also starting to flip bearish.
On the fundamental side, we have tether, which fuels the crypto markets, not being backed by the US Dollar, contrary to what they stated before. We know this because of the lawsuit with the state of New York. Also, the FED has also stated that USDT is a threat to the stability of the financial system.
Also on the fundamental side, we have an exodus from retail investors following the recent crash, as shown by BTC fading in google trends and declining trading volume and revenues on exchanges. The market is also still leveraged on the long side. This is compounded by coordinated government crackdowns and impending regulation and taxation by developed countries, as well as the infamous grayscale unlock on the 16th of July. All things considered, BTC is a clear short candidate, with expected gains close to at least 50% from this point. Inflation concerns should also contribute for further drops in price, as interest rates increase, in line with how the price has been reacting to inflation numbers - dumping.
On the fundamental side, we have tether, which fuels the crypto markets, not being backed by the US Dollar, contrary to what they stated before. We know this because of the lawsuit with the state of New York. Also, the FED has also stated that USDT is a threat to the stability of the financial system.
Also on the fundamental side, we have an exodus from retail investors following the recent crash, as shown by BTC fading in google trends and declining trading volume and revenues on exchanges. The market is also still leveraged on the long side. This is compounded by coordinated government crackdowns and impending regulation and taxation by developed countries, as well as the infamous grayscale unlock on the 16th of July. All things considered, BTC is a clear short candidate, with expected gains close to at least 50% from this point. Inflation concerns should also contribute for further drops in price, as interest rates increase, in line with how the price has been reacting to inflation numbers - dumping.