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Wednesday, November 23, 2022

Out any crypto longs

Out any crypto longs

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

Noping out of this trade. Writing it off as misadventure.

Telling the more sp of my friends BTC might be a buy.

We're now back around the entry price and some of the lower entries are slightly in profit but we've not seen the action I'd have expected to see from the bulls to support my thesis. This seems more consistent with a break setting up.

Sent out messages to my friends who I'd said it may be worth getting long on this telling them I am bailing out. Mentioned this to them a few times over the last week or so but now tagging, "Seriously. Don't moan at me if you stay in and it goes bad" onto messages.

It looks like we may well see the full BTC drop forecast playing out. Despite all the reasons people claimed this was (Literally) "Impossible".

It seems all the reasons people gave for BTC not being able to go under certain levels have now failed. We've broken the last high and we're at the price where miners are struggling to break even. The idea miners would be able to defend the BTC price rather than be at the whim of it seems to have been misguided (Which, I have to be blunt, is not that surprising).

What a slow BTC bear could look like.
Via TradingView Ideas

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