BTC On the slope of doom,fundamentals and inconsistent volume

3. Okt. 2022

It seems indeed that we are in a channel that we can not escape from. The daily trend has yet to break this structure that looks like everyone is abandoning ship. Hard words indeed, words that make you think if crypto is even worth it. But rest assured , the whole market is taking more or less the same hit.

Now back to our daily chart.
We can see the points of impact on the channel, notably the lower side. With the price action now sliding to the right(upper side) of the channel.
Now there's an interesting aspect to see in this lateralization period... Notice the volume? How come that since June we have seen this immense amount of volume come in and we still have no result? Weren't we supposed to break to somewhere with this volume?
I fear that a lot of people are counting on this to be the point of return on BTC, and institutionals know this. Remember that they have data that you don't have, this can indeed be the largest stop hunt in the history of BTC and it will hurt so much that it will make all the media scream that billions have been wiped from the market. WRONG, billions will have been transferred.

Another interesting aspect, based on more classical TA.
BTC respects the support block created on 11 Dec 20 with surgical precision



Break this and...... hello 13.8k . Well this number comes from the daily support block just below


Now for the upside.

Upside? When russian men are breaking their legs to not go to war, inflation is more inflated than a baloon fish and the FED and BCE are applying plans that know will just solve a problem by creating another(inflation/unemployment)? Well yes let's talk about the upside.
3 ranges identified on the 1d chart: 22k,24.5k and 29k with the first being a real difficult one as it can look like a breakout of the channel.

Now to end this outlook i just want to remind you that :
- BTC has never seen this economical situation
- BTC is now ruled by institutions, the masses can not save it
- Last time we have a EURUSD below 1 we were all mostly kids.

My outlook is bearish, unless we get a catalyst we should be extremely careful with the type of trading we get into.