Hi all,
My global view for BTC in mid-term does not change, as explained in my previous analyses (see links in below).
After the fall of FTX, BTC still holds the $15500-$16000 local support. However, this support level would be broken soon due to some new signs of weakness.
- MFI values are breaking its trendlines since mid June this year. This is a quite strong signal of a potential big drop.
- CMF values are negative and below a longterm (resistance) trendline
These indicators tell us that there is a lack of buying pressure and selling one would increase rapidely with some triggering news. By this, I would like to mention the Genesis news that may come out today or next days.
Except for surprisingly good news for BTC and cryptos (which i doubt), BTC has more chance to continue its down way.
What do you think?
Thanks in advance for your news/analysis and have a nice week!
Comentarios:
Here below is what happened to BTC when MFI broke down its trendlines while CMF values were still negative and below the longterm trendline.
