Nice clean breakout a few days ago... I was short before last weekend and closed it because I was scared bitcoin would break up out of its wedge over the weekend. I think this could go much lower very quickly if BTC starts melting down and I really want to be in if that happens. Got a tight stop above 30.
Here is my take on the weakness of BTC: Instead of continuing its volatility/range expansion to break above 40k, BTC suddenly stopped at 36k on June 29. It reversed, and has been forming a descending wedge since then. The analysis may be a bit naïve but I think it denotes a change of character. Note, the volume is not above the 20-day average volume yet, but...
BTC is acting really weak. With the stock market showing obvious signs of weakness, and assuming the BTC/stock correlation resumes when the overall market declines, we could see a big flush to the downside with a capitulation of the bUy ThE dIp / dIaMoNd HaNdS clowns. Keep in mind, if it actually breaks down out of the wedge but then comes back into it with...