Heads Up: I Have Decided To Close All Longs
UPDATE: sorry the formatting breaks sometimes. I am going to talk to Slice today about it. I don't like the look it is sloppy.
ADDED: Monthly candle only has less than a week to close. monthly candle is a monster and I think it retraces a lot more, so pullback makes sense, even if we are to still eventually crank higher and I am wrong about closing longs.
I really just don't like a few things I am seeing in the chart.
The IBIT chart is really haunting to me. It is a technical NIGHTMARE
Then I saw the CME BTC Futures chart with Bitcoin hitting that trend line
Then there is similar ETH chart
The sentiment is disgusting out there. Everyone is already so certain the bottom is in
Macro is looking kind of spooked
This is why even though you may have a plan, you have to be ready to pivot.
Other subtle signs to me include, where was the big altcoin explosion? yeah XRP and a few popped 20%
This type of bottom energy should have sent alts rocketing. In January 2023 I bought alts at the bottom and did 135% in like 3 weeks
Of course, this could be a pause and that is still coming. Reclaiming a major trend line means it would be a deviation and that is usually a sign it was a false breakdown
We would have time to see that happen and act. Even if we missed some gains that's okay.
The risk aspect of this is far worse than missing gains. The problem is the human brain sees more urgency in missing gains.
If BTC is rejected here, a 50% drop is possible. For altcoins, that's up to another 80-90% drawdown in many cases
TOTAL crypto market cap chart added
Hard to look at these three together and not feel a little uneasy
Especially with the sentiment.
check out the comments in this X post: https://x.com/TonySeverinoCMT/status/2091747596129755600
the hate I am getting after just publicly nailing one of the hardest moves ever so accurately is wild
every low IQ moron out there and only up bull-shit-fluencer on X is saying the bottom is in
the problem is some analysts have flipped too. It's a mistake I think. I might live stream today or jut publish some videos. I put together a ton of charts to better explain why analysts are starting to get bullish and say the bottom is in, and why I still don't think it is
I also have charts to show off just how dangerous this looks