Alea iacta est – BTC in front of a massive vol. unwind
– the conclusion post to all the bearish Bitcoin posts I made this year including this one:
– I´ve been bearish on Bitcoin since almost the top in last November and ever since have strongly believed that the bottom is not going to form until market-wide OI is below 5 bili
– total OI currently stands at 12.5 billion or in other words: too many market participants remain alive
– 5D gaussian channel broken
– two powerful volatility metrics on the 5D both looking ready to expand
– downside targets: 30k, 24k, 20k and possibly but not likely 12k
– invalidation of the downside thesis above the last 5D candle´s high
Overly bearish sentiment is the only thing that suggests there could be more chop ahead – the technicals on the other hand are very clear here.
Good luck.
