Here is my take on the weakness of BTC:
Instead of continuing its volatility/range expansion to break above 40k, BTC suddenly stopped at 36k on June 29. It reversed, and has been forming a descending wedge since then.
The analysis may be a bit naïve but I think it denotes a change of character.
Note, the volume is not above the 20-day average volume yet, but there have been 3 consecutive days of increasing volume.
If I had longed sub 30k I would be very defensive now, and consider closing long positions to potentially reopen them higher (e.g., if it breaks the descending wedge to the upside). I think the price could move sharply lower soon.
Instead of continuing its volatility/range expansion to break above 40k, BTC suddenly stopped at 36k on June 29. It reversed, and has been forming a descending wedge since then.
The analysis may be a bit naïve but I think it denotes a change of character.
Note, the volume is not above the 20-day average volume yet, but there have been 3 consecutive days of increasing volume.
If I had longed sub 30k I would be very defensive now, and consider closing long positions to potentially reopen them higher (e.g., if it breaks the descending wedge to the upside). I think the price could move sharply lower soon.