I’ve spoken a few times about “Bitcoin at around 40,000” and “Ethereum at around 3,000” in reference to the so-called animal spirits exhausting and reversing.
Well, exceeded that number well enough to trigger a head-and-shoulders reversal with the entire move. I still think it’s in a bear market (the downtrend has been there for months and the lower lows/lower highs are absolutely there) but a strong reversal around $40k just isn’t going to happen.
The same argument applies to , although the push into its topping pattern wasn’t as strong.
However, I will say regarding the crypto scene that it seems to be very, very close to a point of exhaustion. Some “whales” may have propelled the hyper-visible BTC and ETH higher, but if you look below the surface, the altcoins look poised to puke.
To be clear, I’m not talking about my book here. I to have no book. No crypto holdings for months. But I’m speaking of my book in that I’m a raging stock bear, and a resumption of crypto weakness would help feed the environment of fear and surrender in which I so happily thrive.
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