Weeks ago, I wrote my premium members asking Will the Rainbow Crack? (it did!) and since then Bitcoin has endured a slaughter of about $25,000 or so. It’s ugly stuff.
More important than that, my view is that the entire crypto space shifted from overall bull market to overall bear market. Indeed, now that the smoke has cleared, I think it entered into this shift near the start of 2021.
Look at the chart below for example, and take notice of the patterns I’ve pinpointed. The bullish setups were getting smaller each time, until finally they ceased altogether and allowed for the formation of bearish setups.
Here’s another example (and it didn’t take long for me to find charts like these to make my point). This is a sea change.