What Bitcoin bears need to do
"So, what do bears need to do? Nothing. They just need to keep a daily downtrend and break 59,000."
ℹ️ In shortFor Bitcoin to continue weakening, sellers only need to maintain a daily downtrend and break the $59,000 level.
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Full disclaimer… The NASDAQ goes up three steps. Bitcoin goes up one step. The NASDAQ pulls back one step, Bitcoin pulls back two steps. That's been the relationship. And so, it's been a requirement. Bitcoin pretty much needs the NASDAQ to keep melting up. And because the NASDAQ is trading sideways, we're not melting up. Bitcoin is weakening in response to that. So, what do bears need to do? Nothing. They just need to keep a daily downtrend and break 59,000. What do bulls need to do? They need to come out of nowhere and break these resistances, these clear lower highs now as our guide. ETH is doing the same thing. Drops a bit more significant. ETHBTC is showing us that ETHBTC has been setting weekly lower highs for the last couple of months. And we'll see if this current bounce is just another weekly …
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