This is becoming so repetitive that it’s almost worth taking the risk at open! Once again we welcome Monday Morning to nothing but sell pressure. We have already seen a peak drop in the amount of $1889 and that’s just to get the day started. Earlier last night, only a few hours after the Sunday candle closed, Bitcoin was already down to fill the CME Gap. Unfortunately they were a bit too dramatic getting down there and once again, threw the BTC market for a spin. The Bulls continue to fail to get any ground.
The Bulls are now waiting for 9:30am when their Wall St buddies wake up and determine where we will be headed for the next 5 days.
SAND is Not the only game in Town
Instead of writing two separate articles to follow up on the earlier statements, I decided to wait until around lunch time to revisit not only the Tradition Markets but Bitcoin as well. The findings are just as we expected, unfortunately.
From the Top Left to the Bottom Right, we are looking at the following:
Midcap Index – FTX
Shitcoin Index – FTX
The analysis – Everything died. Between six different indexes and the two biggest Cryptocurrencies, everything looks exactly the same. Bitcoin alone is now showing a peak drop of about $3500 from the open of todays candle.
As we can see from above, that low side keeps getting hit and Support keeps the price from falling through. Unfortunately it almost seems inevitable at this time that the area will finally break and Bitcoin will into the very low $40K Zone.
When price tests a level of support like that, while trending down, it’s like when boxers hug each other in the ring. They now they are going down, they just want to delay the inevitable. If today was a really bullish day and we never came back to this lower level then there was still a very good chance to push the $54K area. Now, they are making their jobs as Bulls nearly impossible. Not only do they need a Crypto miracle but they need the Traditional Market to start getting Bullish as well.
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