Been chewing on the BTC setup this weekend and it’s a mixed one. On paper it looks rough. Death cross confirmed, still ~12% under the 200-day, and the Coinbase premium’s been negative 60 days straight, a record.
Counterweight is Armstrong calling $60K the floor, MACD ticking up, and a ~7% bounce off the June low. So not a clean short either.
What kills it for me is volume. The bounce is running on maybe half the average, so there’s no conviction behind it. And Warsh’s Fed isn’t cutting anytime soon with a live FOMC end of month. Hard to get excited about risk into that.
So I’m holding for now. Is anyone buying?
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