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We didn't bounce, and instead plunged through as the plunge protection team is on holiday. Punched through the 200 Day Moving Average, to tentatively enter a traditional bear market indicator on the daily at nearly 21% down from the local top set when Bitcoin turned back to bullish in May. Assuming this continues below the 200 DMA (and there's no real catalyst to prevent it), I think this continues, and we'll get a death cross in the coming months.

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Nice and Kind Vic 1y ago

Still waiting with undeployed capital.

Heading through the 200 DMA that hard without a bounce tells me we're going lower.

MM is .94808

#🌝

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Discussion

BitcoinSandy 1y ago

Excellent, lower please

Matthew D 1y ago

keep eyes on that CME chart

Nice and Kind Vic 1y ago

That's a first. Never in the past have we been under 1.0 on the Mayer Multiple at this phase of the cycle

#🌝

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Nice and Kind Vic 1y ago

Recent price action is showing some signs of recovery. May be settling into bottom at the 56000 to 57000 level, but I want to see how today and the weekly tomorrow ends up before making decisions on whether to buy in small amounts on Monday. If we lose this level, then 51000 to 52000 should offer a reprieve

#🌝

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