Bears are getting exhausted
Falling wedge
Massive uptrend from 4K -> 65k very impulsively
Much needed and healthy correction -55% after a year of never testing key moving averages
Sentiment worse than March covid lows, majority calling a bear market without a weekly lower high yet
You don’t get massive upside volatility, massive downside volatility without some sort of counter move to the upside again
If we make a lower high ok there is a case for playing defensive
Until then assume continuation of the macro trend to the upside
Heavily leveraged long here
Falling wedge
Massive uptrend from 4K -> 65k very impulsively
Much needed and healthy correction -55% after a year of never testing key moving averages
Sentiment worse than March covid lows, majority calling a bear market without a weekly lower high yet
You don’t get massive upside volatility, massive downside volatility without some sort of counter move to the upside again
If we make a lower high ok there is a case for playing defensive
Until then assume continuation of the macro trend to the upside
Heavily leveraged long here