BitcoinCorto
Bitcoin Bear Flag
BTC continues to show weakness in the descending channel it entered late last year.
Markdown pricing in the face of year long lower volume with no significant relief rallies or reversal potential.
Price movement within 3k ranges ultimately breaking down further.
Bear flag looks like PT bottoming sub 20k with wicks down to approx 14k. Potential to go lower exists given institutional capitulation hasn't yet occurred while economic headwinds are building.
Retail is bloated with inventory, corporations are adjusting guidance as quarterly earnings disappoint, GDP has been revised down with technical recession declaration possible as Q2 closes.
Fed FOMC meeting next week with the first securities coming to maturity and QT beginning in earnest... rate hikes are only 1/2 of the tightening monetary policy equation, with nearly $9 Trillion on Central Bank balance sheets starting to unwind beginning 6/15.
Markdown pricing in the face of year long lower volume with no significant relief rallies or reversal potential.
Price movement within 3k ranges ultimately breaking down further.
Bear flag looks like PT bottoming sub 20k with wicks down to approx 14k. Potential to go lower exists given institutional capitulation hasn't yet occurred while economic headwinds are building.
Retail is bloated with inventory, corporations are adjusting guidance as quarterly earnings disappoint, GDP has been revised down with technical recession declaration possible as Q2 closes.
Fed FOMC meeting next week with the first securities coming to maturity and QT beginning in earnest... rate hikes are only 1/2 of the tightening monetary policy equation, with nearly $9 Trillion on Central Bank balance sheets starting to unwind beginning 6/15.
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