Washout or Pause? Reading BTC, MSTR and COIN After the $60K Crack
Bitcoin lost the $60,000 handle, MSTR is breaking down on the hourly, and COIN can't hold a bounce. Half a billion in longs got flushed, Saylor is still teasing buys, and Schiff is calling STRC a Ponzi. Here is what the tape — and the cycle — are actually telling us.
By 4:35 p.m. ET on Wednesday, Bitcoin was trading $60,937 on Bitbo's tape after another stair-step lower that flushed roughly $253 million in longs intraday and brought total long liquidations on the day to about $484 million.
The 5-year chart still looks like a bull market that overshot. The 1-day chart looks like a market that just lost its last obvious line in the sand. That is the tension to trade around right now.
This essay reflects the personal views and opinions of Guy Gentile and is published for informational and educational purposes only. It is not investment advice, a recommendation to buy or sell any security, an offer or solicitation, or a research report. Markets carry risk and any positions, setups, or names discussed may change without notice. Mr. Gentile and parties affiliated with him may hold, add to, reduce, or close positions in the securities discussed at any time. Do your own research and consult a licensed financial professional before making investment decisions. Past performance is not indicative of future results.
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