Update curtiousy of Edward Morra
🛎My few thoughts about current market in case you didn't see them on twitter
I'm not really sure why some people are still bullish here, market clearly showed you the evidence of supply still completely dominating the place. Erasing 2 weeks worth of gains in 2 days. That's failed rally, and this is a sign of weakness, not the spring.
Springs occur at bottom of the range, preferably on low volume. Instead we got the most technical bearish 0.618 macro retest followed by record $1B 1h volume candle. That's not bullish in any senses. That's supply swinging his dick right in front of your eyes.
Be careful listening to big names here on twitter that are bullish. That's called "positioning bias", they are in longs (perhaps from way lower so its still in profit for them), but thats very unprofessional. You should be objective regardless of your position.
I don't want to sound like a silly bottom panic shorter, but current state of bitcoin is bearish af. It gave back month worth of grinding in 2 days, just puked it out. Unless, it can regain all losses as swiftly as it lost them and all ETFs in the world will be approved - wake up, there is no reason to be bullish here.
I would not recommend anyone to load on longs without any confirmations of this bear market to be over. Better to decrease your exposure.
