Setup Sunday: The Hits Keep On Comin'

Summary

The video discusses the recent turmoil in the cryptocurrency market, attributing it to a combination of factors including Bitcoin supply sell-offs, lack of ETF support, and global economic uncertainties. It highlights the impact of rising volatility, tech and semiconductor downturns, and geopolitical tensions on market sentiment. The speaker also touches on potential strategies for navigating the market, including the possibility of a 'death cross' for Bitcoin and the role of central bank interventions in stabilizing the situation.

Takeaways

• 📉 The speaker initially defended their previous analysis of Bitcoin's technicals being positive but acknowledged that the situation did not pan out as expected due to various external factors.
• 💰 There was a significant sell-off in Bitcoin, with around 10 billion in Bitcoin supply moved or sold, without any help from ETFs, which the speaker had previously anticipated.
• 🌐 The speaker discussed the impact of global economic events, such as the interest rate differential between the Bank of Japan and the Fed, and the potential for further market pain if leverage isn't unwound.
• 📈 The speaker touched upon the unemployment data, which was weak and triggered a 'risk-off' mentality, contributing to the downward pressure on Bitcoin and other assets.
• 📊 The VIX volatility index spiked, which historically has had a negative correlation with Bitcoin, suggesting further potential declines in the cryptocurrency.
• 💥 The speaker highlighted the domino effect of leverage unwinding and changing beliefs about the world's economic dynamics, which are contributing to the current market turmoil.
• 🚀 Despite the negative sentiment, there is a mention of potential positive developments, such as a $2 billion purchase by an investor named 'Sailor,' which could provide some support to the market.
• 📉 The speaker discussed the potential for a 'death cross' in Bitcoin's chart, which is a bearish signal that could attract negative headlines and further selling pressure.
• 📊 The speaker provided a technical analysis of Bitcoin's chart, suggesting that the current trend is bearish and that any bullish reversal would require significant changes in market conditions or interventions.
• 💡 The speaker mentioned the importance of watching for potential bullish patterns such as a falling wedge or an inverted Head and Shoulders pattern in the future as signs of a potential reversal.
• 🛑 The speaker advised caution with leverage and any aggressive trading strategies due to the high volatility and uncertainty in the market.

Q & A

What was the initial sentiment in the cryptocurrency market a week ago?

A week ago, the sentiment in the cryptocurrency market was high, with technicals looking good based on the speaker's system, but this analysis did not pan out as expected.

What happened after Sunday that affected the Bitcoin market?

After Sunday, there was a movement or sale of around 10 billion in Bitcoin supply without any help from ETFs, which significantly impacted the Bitcoin market.

What is the relationship between the VIX volatility index and Bitcoin's performance?

When the VIX volatility index is up significantly, Bitcoin usually performs poorly, as indicated by historical data showing a correlation between high VIX levels and Bitcoin's downturns.

How did the unemployment data affect the market sentiment?

The unemployment data was weak, which triggered the 'Som rule' and brought about the potential for a recession, contributing to a worsening market sentiment.

What is the significance of the leveraged trade involving JPY and US equities?

The leveraged trade involving borrowing JPY to buy US equities is significant because it involves billions, and potentially trillions, of dollars. When there are changes in interest rate differentials or forced unwinding of these trades, it can cause substantial market disruptions.

What is a 'death cross' in the context of trading?

A 'death cross' in trading refers to a situation where a short-term moving average, such as the 50-day moving average, crosses below a long-term moving average, like the 200-day moving average, indicating a potential bearish trend.

What does the speaker suggest as a potential safe haven during market turmoil?

The speaker suggests that gold and bond ETFs like TLT, TMF, and AGG could serve as safe havens during market turmoil, as they have shown potential for growth despite the overall market downturn.

What is the potential impact of a central bank intervention on the cryptocurrency market?

A central bank intervention, such as liquidity reinjection into the ecosystem, could potentially stabilize or even boost the cryptocurrency market, as it did post-SVB with the BTFP (Bank Term Funding Program).

What is the current state of the altcoins according to the speaker?

The speaker indicates that altcoins have been in a downtrend for a long time, with the charts not signaling any buy opportunities, and they are currently experiencing a significant downturn.

What is the significance of the 'Golden Cross' in trading?

A 'Golden Cross' occurs when a short-term moving average crosses above a long-term moving average, signaling a potential bullish trend and is considered a positive sign for traders.

How does the speaker view the current situation with ETFs and Bitcoin?

The speaker expresses skepticism about the impact of ETFs on Bitcoin's price, noting that despite the introduction of ETFs, the market has not shown significant positive movement and may even face further unwinding pressures.

Outlines

00:00

📉 Bitcoin's Struggle Amidst Market Turmoil

The script discusses the challenges Bitcoin faces as it grapples with a series of negative events impacting the market. Starting with a recap of the week's events, it mentions a significant sell-off in Bitcoin, lack of support from ETFs, and a substantial amount of Bitcoin supply being moved or sold. The speaker also touches on broader financial market issues, such as the interest rate differential between the Bank of Japan and the Federal Reserve, the potential for a more painful trade if rates rise further, and the domino effect of leverage unwinding. The script also notes the impact of unemployment data, the VIX volatility index's rise, and the general risk-off sentiment in the market, all contributing to Bitcoin's downward pressure.

05:02

🌐 Global Liquidity and Bitcoin's Correlation Challenges

This paragraph delves into the complexities of global liquidity and its effects on Bitcoin. It discusses the negative correlation between Bitcoin and traditional markets during upward movements and the current situation where both are negatively correlated, making it difficult for Bitcoin to gain. The speaker anticipates that market stabilization may require central bank intervention and notes the potential for a liquidity reinjection similar to the response to the SVB crisis. The paragraph also mentions the sponsor Kraken Pro and its features for advanced professional traders, emphasizing the importance of risk management in the current volatile market conditions.

10:03

📉 The Unfolding Bearish Scenario for Bitcoin and Other Assets

The speaker outlines a bearish market scenario, highlighting the potential for further unwinding of bullish bets as the VIX spikes, affecting currency values and Bitcoin's performance. The paragraph discusses the possibility of a 'death cross' for Bitcoin, which could attract negative media attention, and the importance of watching for potential central bank interventions. It also touches on the seasonal weakness in Q3 for Bitcoin and the potential for a Golden Cross in Q4, which could signal a market turnaround. The speaker advises caution, especially with leverage, and suggests waiting for clearer bullish patterns before entering the market.

15:03

📊 Analyzing Market Indicators and Potential Safe Havens

This section of the script provides an analysis of various market indicators and potential safe havens during times of market stress. It discusses bond market trends, suggesting that investments like TLT, TMF, and SHY may offer protection against a risk-off rally. The speaker also considers gold as a potential safe haven, despite its recent decline from highs, and notes the importance of monitoring the VIX and its historical relationship with Bitcoin. The paragraph concludes with a warning about the risks of a global unwind, suggesting that the market may open significantly lower on Monday.

20:04

🚫 Caution and Patience in the Face of Market Volatility

The final paragraph emphasizes the need for caution and patience in the current market environment. It discusses the potential for further declines in various asset classes, including cryptocurrencies, and the importance of avoiding buying into weakness when there is significant uncertainty. The speaker suggests waiting for clearer bullish signals, such as a falling wedge or an inverted Head and Shoulders pattern, before considering re-entry into the market. The paragraph concludes with a reminder of the importance of risk management and a note of encouragement for traders to stay vigilant and informed.

Keywords

💡Educational purposes

The term 'Educational purposes' refers to content that is intended to inform or instruct, rather than to provide financial guidance or advice. In the video's context, the speaker clarifies that the analysis and discussions are for learning and understanding market dynamics, not as a directive for investment decisions. This is exemplified by the speaker's initial statement, setting the tone for the video's content.

💡Sentiment

Sentiment in the context of finance refers to the overall attitude or tone of investors toward a particular security or market. The speaker mentions 'high sentiment' to describe a period of positive investor outlook which influenced their analysis, indicating a time when the market was optimistic despite the speaker's later realization that this sentiment did not materialize into positive market outcomes.

💡Technicals

Technicals are a category of analytical methods used by traders to evaluate securities, primarily based on historical price and volume data. The speaker defends their analysis based on 'technicals', which suggests they used chart patterns, moving averages, and other technical indicators to make predictions about market movements, which unfortunately did not play out as expected.

💡Supply moved or sold

In the context of this video, 'supply moved or sold' refers to a large amount of Bitcoin being transferred or liquidated in the market. The speaker cites an instance of approximately 10 billion in Bitcoin supply being moved or sold, which indicates a significant shift in the market that can affect prices and investor confidence.

💡ETFs

ETFs, or Exchange-Traded Funds, are investment funds that are traded on stock exchanges, much like individual stocks. The speaker mentions that they 'didn't get any help from the ETFs', suggesting that these funds did not contribute positively to the market situation being discussed, possibly due to lack of buying support or other market influences.

💡Leverage

Leverage in finance refers to the use of borrowed capital to increase the potential return of an investment. The video discusses the unwinding of leverage, which is the process of closing leveraged positions, often due to market downturns or margin calls. The speaker implies that the leverage unwinding contributed to the market's rapid and significant decline.

💡Volatility index (VIX)

The Volatility Index, or VIX, is a measure of market expectations for near-term volatility conveyed by S&P 500 index options. The speaker notes that when the VIX is up significantly, as it was during the video's timeframe, it typically indicates a fearful market, which historically has had a negative impact on Bitcoin and other assets.

💡Correlation

Correlation in finance refers to the extent to which the returns or value of one asset move in relation to another. The speaker discusses the negative correlation between Bitcoin and the traditional market, indicating that when one goes up, the other tends to go down, and vice versa. This relationship has implications for diversification and risk management in an investment portfolio.

💡Liquidity

Liquidity refers to the ability to buy or sell an asset quickly without affecting its price. The video mentions 'global liquidity sloshing around', which suggests the movement of large amounts of cash in and out of markets, affecting asset prices. The speaker implies that this liquidity movement is causing market instability.

💡Seasonality

Seasonality in finance refers to patterns in financial markets that recur at approximately the same time of the year. The speaker refers to 'seasonality' to explain that certain times of the year, such as Q3, have historically weaker market performance, which may be a factor in the current market conditions.

💡Death cross

A 'death cross' occurs when a short-term moving average, such as the 50-day moving average, crosses below a long-term moving average, like the 200-day moving average. This is often interpreted as a bearish signal, indicating that a downward trend may continue. The speaker mentions the potential for a death cross in the crypto market, suggesting a further negative outlook.

Highlights

A week ago, the sentiment was high with technicals looking good, but the analysis did not pan out as expected.

Around 10 billion in Bitcoin supply was moved or sold after Sunday, without support from ETFs.

Half a year's Bitcoin issuance was moved and sold last week, contributing to the market pressure.

The legacy market's explosion and leverage unwinding have affected the dynamics of Bitcoin.

Interest rate differentials between the Bank of Japan and the Fed may exacerbate the trade's pain.

Unemployment data was weak, triggering recession potential and affecting market sentiment.

The VIX volatility index surged, typically indicating a downtrend for Bitcoin.

Big Tech and semiconductors are unraveling, adding to market instability.

Geopolitical tensions, such as the Middle East war escalation, add to market stress.

Biden and Trump's re-election odds have shifted significantly, impacting market confidence.

Large-scale coin movements, including potential price suppression by significant players, are affecting the market.

Saylor's potential $2 billion Bitcoin purchase might provide some support to the market.

The carry trade unwind could involve billions to trillions of dollars, impacting the market significantly.

The USDJPY currency pair's movements are closely watched as they relate to broader market trends.

DXY movements suggest potential bullishness for BTC, but other market factors are causing disruptions.

Kraken Pro is introduced as a new trading platform for advanced professional traders.

The potential death cross for Bitcoin could draw significant media attention and impact investor sentiment.

A Golden Cross in October could signal a market recovery and ease trading conditions.

Central bank intervention or policy changes could be crucial in stabilizing the market.

The importance of watching the bond markets for signs of risk-off rallies and their impact on BTC.

Gold remains a potential safe haven asset despite market volatility.

The VIX index's relationship with Bitcoin suggests that fear in the market is negatively affecting BTC.

Semiconductor stocks like Nvidia are experiencing significant downturns, indicating broader market issues.

The S&P 500 futures suggest a continued market reversal, impacting investor strategies.

The potential for a market V-bottom recovery is discussed, but not considered likely without significant intervention.

The importance of avoiding leverage in the current market conditions to prevent further losses.

Transcripts

pre usual living on this channels for

educational purposes only and is not

intended as Financial advice set up

Sunday what a couple days it has been

that's for sure what a week it has been

a week ago we were at 70 albe at coming

off of some high

sentiment

technicals based on my system looked

good so I'll defend that analysis it

just uh didn't pan out obviously what

did we have after Sunday we had

something around 10 billion in Bitcoin

Supply moved or sold didn't get any help

from the ETFs either last week and we

had at least we'll call it half a Year's

Bitcoin issuance moved Andor sold last

week right that's after the weeks prior

Germany other GA stuff miners so it's

just one thing after another with the

supply unlock at this level even still

we were holding 65 is high 50s low to

mid to Upper 60s right it was it's a

massive range the issue this week wasn't

necessarily on our end it was aided by

the Legacy side exploding when people

talk about bull markets climbing a wall

of worry this is what they're worried

about things like this this domino

effect of Leverage unwinding Lon held

beliefs about how the world Works

unwinding and changing very quickly the

Dynamics of this involved the interest

rate differential between the bank of

Japan and the fed the bank of Japan

raising rates already the FED probably

cutting rates in September will make

this trade even more painful so if we do

get rates higher later on and all the

leverage isn't rinsed out by then things

could get even worse we're talking about

about well over hundreds of

billions in the trillions as far as

leveraged is concerned borrowing

JPY buying us equities effectively and

all this stuff is sort of related we had

unemployment data which I think most

sane people expect it to be weak it was

weak it did trigger the Som rule which

brings about this recession potential

that I think we' talked about plenty on

this channel and so from there things

just got worse and worse wor and worse

and worse and now we've got this risk

off reality we've got the vix volatility

index up bigly last week anytime the vix

is up big Bitcoin you is usually down

big I have a chart on this but the last

time we saw the vix at this level was

when svb blew up in March 2023 we've got

big Tech and semiconductors unraveling

we'll take a look at that the Middle

East War escalation is just one more

thing right it's it's this and this and

this and this and that it's everything

together that is not not helpful here so

in some ways it's kind of a miracle

where we are even where we're at today

whatever price it is when you watch this

video it was bouncing around 54 55k last

I checked probably not significant for

price but also unhelpful is again this

is for Bitcoin not for the country not

for people who live here but Biden

dropping out and Trump re-election odds

dropping significantly because previous

ly they were essentially

100% And I'd say effectively now it's

certainly closer to 50/50 so everything

together is not helping us and if you

want the receipts on coins moving uh

Arkham is a decent source for that I

posted this on Twitter yesterday so just

outside of everything else that's

blowing up in Legacy we've got tons of

coins moving around we also had jump

throughout the weekend selling which it

looks like they could have been

purposefully pushing the price down I

don't think it's necessarily

manipulation but they're big enough to

do that so that obviously is not helpful

either on the other side of the coin we

do have sailor coming in potentially you

know this isn't like going to save price

or anything but potentially coming in

with a $2 billion purchase eventually I

certainly hope he hasn't already done

that he's just like you at home he's

dcing a billion at a time and his far as

quantifying the carry trade unwind

another way to think about it is a long

on usdjpy getting margin called or being

closed and then all of the downstream

effects because again we're not talking

about a few hundred dollars here we're

talking about billions and the trillions

of dollars potentially I saw one figure

quoting 20 trillion I don't have the

hard numbers behind that but that's

significant how this works is when this

stuff start start to happen let's say

you work in a shop that's it's

specializes in these types of Trades

they become a price agnostic seller or

just removing that risk from the book

when the vix spikes we have similar

Downstream effects so all of these

bearish bets will slowly start to unwind

and the lower us u.j goes the more these

will have to be unw Unwound so it's just

more pain on top of pain as the u.j just

ERS this is a currency which is wild it

was Wild on the way up it's a Wilder on

the way down and the problem for Bitcoin

is we were

correlated negatively inversely on the

way up and now we're even correlated on

the way down so we really can't win we

are just sort of a dingy in the

hurricane of global liquidity sloshing

around in both directions so this stuff

really needs to calm down before things

can get constructive again and that may

take intervention by both central banks

that may take reversing a rate hike by

the UJ it may take some sort of swap

line something from the US potentially

much like svb post the btfp when the

liquidity got reinjected into the

ecosystem that's when Bitcoin did well

but we had to eat some significant pain

until that happened looking at dxy you

would think in a vacuum if I told you

hey dxy is going from 105 to 103

this should be bullish for BTC should be

but there are other players on the field

here causing quite the Ruckus before I

go any further here let me mention

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Ventures Inc pvi DBA Kraken Kraken does

have a few Forex markets for those

wondering looking to dabble certainly uh

probably a bit late but outside of paxg

the gold stable coin there's the Euro

there there are places to hide okay

there should you want to now it's a bit

late seeing most of these coins down 10%

plus and we're seeing the usual thing

that we in that alts are beta to BTC BTC

down in a rolling 24-hour period 11%

alts down 20% 18% right significantly

more than BTC outside of salana but

salana had a pretty significant unwind

likely also jump related for the people

looking on chain a lot of this was

related to uh a jump unwind along with

eth I'll get to this chart again later

but this is quite lug eth quite ugly

just a nasty Wick sub 2K year to dat eth

is flat now if I would have told you

first that we would get ETFs at all and

then post ETF we would be flat year to

date you'd be shocked probably most

people uh we still have e BT or E to

deal with as far as the unwind there

there may be further unwind from the

ETFs this week we still have a US

session Monday for more fun and the hits

just keep on coming so I would certainly

be very careful with any use of Leverage

or anything like that anywhere on

anything right now maybe some silver

linings here Global liquidity in USD

terms is rising significantly because of

dxy weakness eventually and that

eventually is probably

Q4 not August not not September but Q4

eventually this should be an ally for us

in at least at least the majors in BTC

but this contagion risk is significant

looking at the unemployment 4.3 that

ticked up decently fast at this point

and again the issue isn't the absolute

level it's the rate of change and what

it

potentially suggests going forward which

would be recessionary type conditions

runaway unemployment a hard Landing

rates coming down quickly and

significantly and out of the ashes will

come be BC ready to go but at what price

right will we be at the 200 we moving

average will we be at 50 60 still I I

doubt it I doubt it personally but we

could depending on is there stimulus

involved anywhere globally China Japan

us what does the liquidity picture look

like but watching the yield curve

uninverted here is scary on top of the

rate of change with unemployment now

what's going to be thing is if come

September or Jackson Hole the FED

doesn't signal that they're cutting 50

and they cut 25 or unemployment starts

to tick back down as some people have

suggested maybe this is some seasonality

Here If the Fed has less ammo to cut

then what happens that's where things

are going to get super super interesting

but I certainly think we're there on the

inflation front for the risk off rally

we can look to the bonds markets there

are plenty of options here over the past

several weeks I've heard almost no one

talk about TLT I've listened because

I've been very interested in this trade

myself it still looks great still looks

like a great trade clearly breakout here

on the cloud this is what you want to

see on any Trend reversal and we can go

down the list here this is TMF this is

leveraged not quite a breakout but

certainly looks ready to go tyd

leveraged 10-year ETF looks great and we

can at shy the 1 to threee treasury

looks great and maybe this is all

actually very bearish BTC because if we

are truly experiencing recessionary risk

on riskof type stuff into bonds then

maybe BTC is in more trouble and even I

think it is but it's no coincidence that

BTC is looks like the opposite of shy

you know BTC is an inverted shy

basically but this chart looks great as

does a ag aggreg

Bond ETF is it too late is the question

for anyone to rotate into this that's

why you certainly have to be sort of

paying attention to some of this stuff

and rotate early maybe add but uh I I

don't think it's too late it's certainly

later than you'd want to be rotating

into some of this stuff because it's

going to open significantly higher

probably on Monday but it's a place to

hide it's certainly a place to hide gold

is another one it's down from the highs

of 25 00 but the chart to me still looks

fine it still looks like it's trying for

eventual 2500 plus breakout much like

everything else you just got to be

careful with the riskof rally even gold

being gold gets caught up in that but

it's certainly gone down less than Tech

less than everything else so in that

regard it's a place to hide out looking

at the vix if you look at the vix

relative to BTC since btc's Inception

anytime we have massive spikes in the

vix Bitcoin has a bad time last time the

vix was at 30 was March

2023 or right there or we tapped 30 on

Friday we'll see what we tap on Monday

and this just means fear in the market

was the vix too low was the vix

complacent I don't think so I mean it

was hovering between 11 and 20 but

because it was so low this is how you

see these types of moves being semi

surprising semi out of the blue and you

get a massive

reaction looking at the semis this is

smh on Robin Hood was around 208 so it's

down from Friday you've got Nvidia back

at 100 probably opens under 100 I'd

imagine come Monday that's a full Gap

fill the issue here is I don't think

anybody's excited to buy at 100 they

were excited to buy in May but now it

goes from looking cheap to looking

expensive with everything else unwinding

Cloud's not on your side here either

it's not on the chart but definitely uh

leaning bearish on the cloud there

you've got es this is the 4-Hour S&P 500

futures also experiencing a significant

reversal so when we have this Global

unwind you kind of just have to let it

do its thing and hope that you weren't

caught up in leverage on the other side

but I'd expect just about everything

across the board to be angry come Monday

so that leaves us with crypto we do have

a potential

death cross coming up which that's going

to get a bunch of headlines if it hasn't

already we did have a death cross in Q3

2023 that quickly changed course I don't

think this one will change course as

quickly but if in Q4 we see let's say

October we see the Golden Cross come

October we come out of this and survive

that makes the next trade in two months

much easier uh but you you can't long on

a death cross you can't long on a go on

a chart that looks like this you just

can't you could say you know what this

guy he was bearish he was bullish last

week he's bearish today what does he

know that's fair but uh that 70k level

got rejected pretty swiftly the the one

thing that could change course here

again is if the central banks coordinate

some intervention but that probably

takes a little bit more pain across the

board and we may see that Monday just

like svb right we just had pain

and then V bottom I wouldn't bet on that

but it's something to watch and

something to look for if we get Central

Bank intervention another way to look at

this we're still in the range I guess

we're at the bottom of the range I'm not

a range Trader but I'd rather take a

stab always at the highs rather than the

lows I do not like buying weakness when

there's this much uncertainty out there

and this measures to the 40s right uh

that's just it just is what it is you

take the high you take the low you could

be slightly less aggressive here and

just say it measures to the ETF open

level I assume by the time we get there

if we get there we will be discussing

the 200 we moving average as support but

uh not a baseline expectation until we

break down in a more significant way

even though this has been rather

significant looking at the cloud looking

at the old Pitchfork starting to get

back into the Pitchfork and there's more

Confluence for this old old rate of

change pre ETFs back into the 40s Cloud

briefly tipped from bullish back to

bearish and the break of 62 into the

cloud was the warning signal but hey

next time we get back above the daily

Cloud I will be bullish again just like

I was bullish back here so that that's

not going to change if you look at all

the times the daily Club has provided

excellent entries and led to

continuation versus times like this

times like m hey typically you gain five

lose two gain 10 lose three gain 15 lose

one something like that so I don't think

there's any issues with the cloud it's

just the swiftness at the Whiplash we go

from from 66 plus to 55 right basically

in a week just uh always surprising to

see that no matter who you are looking

at the quarterly returns seasonality or

also in a weak seasonal period Q3 the

weakest median return since 2013 eth as

well back half of the year not generally

as bullish as the front half looking at

August September specifically for

Bitcoin again we are not there's there's

really nothing left here outside of

Central Bank intervention that can save

us I really don't know maybe the ETFs if

the ETFs come in with both hands and get

excited I doubt we see that but hey

that's something else to watch for what

would make this worse is obviously more

Supply unlocks which why not we've had

uh probably Year's worth of BTC selling

up here already what's another 10

billion amongst friends you know uh

looking at eth it had signs of a

descending triangle below the cloud and

broke down okay what's next you know

there's you you could buy this I guess

you could buy Sub 2K but you're still

dealing with the E on mind I would watch

to see what the ETFs do this week but

this is not a bullish chart whatsoever

really what I'm going to do is watch how

this evolves into October let this have

its temper tantrum let it throw its

Cheerios on the ground whatever and just

wait for either a falling wedge an

inverted Head and Shoulders a Adam Eve

three drives any of that fun stuff that

we usually look for it's it's way too

early to jump into a chart that looks

like this it went nowhere throughout

most of 2024 and now it's back to the

yearly open there eth BTC almost back to

its old level in

2021 and almost to the harmonic pattern

level if the five people who watched the

videos months ago will remember this I

hope but still below the 50 we moving

average definitely something to watch a

the way up sub 04 would be something to

watch for an old inverted Head and

Shoulders resistance level that could be

support but again this is is not

conducive for for bullish reversal I

know a lot of people were super bullish

ebtc well that didn't work out so well

uh Soul also kind of cliffing again if

you braak here you'd imagine based on

the TA sub 100 pretty easily it just

really depends on the US session and how

deep are we in this unwind are we in the

beginning the middle the end I imagine

we're past the initial burst but I fear

we're not even to the middle of it yet I

fear I fear there's there's more to go

so that's why I don't think crypto's

going to fa too well here over the next

two months uh link already broke down

I'm just highlighting this one because I

had talked about this returning to the

October breakout levels that looks very

likely for most of these coins on the

USD pairs total two breaking down just

this parabolic puke falling knives

aren't for me so I'm just going to wait

this out as are most people I'd imagine

just

waiting to see what happens where the

chips fall alt have been a no-go on the

charts for a long time a long long time

we've been talking about this chart

every Wednesday and not once has it

signal to buy not once so hey it's

darkest before Dawn and it's getting

darker out there so be careful it's all

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