The Bitcoin monthly chart does not look awesome. The monthly candle is rubbish. Basically showing a complete reversal for BTC. The monthly RSI is near an all time low. The MACD remains in a STRONG downtrend.
The Ethereum monthly chart at least shows some signs of hope. I am just hoping that it is not simply a final breath before The Merge on September 15th. Previous upgrades led to a continued bullish rally, but that was during a broad bull market. The market conditions are much different now.
Septembear… some investors think that September is a cursed month. The last 7 of 9 Septembers have been RED. To be honest, it is a meme concept… but, if we can pay any attention to it then at least we can be happy that the last 7 of 9 Octobers have been GREEN!
On Chain data shows some worrying signs. The Bitcoin adjusted SOPR chart shows that investors are cashing out during bear market rallies. In particular that they are selling to “get their money back” at their cost basis. This is likely due to fears that the markets will get much worse.
The long term holder supply in loss is at near record highs. Long term holders are under extreme pressure at the moment and are being tested in a way that rarely happens in the market. Only 193 out of 4,421 days have seen worse losses.
Bear market vibes continue to lead the market sentiment. I see no reason for this to change anytime soon.
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The bear market is likely a long way from being over. Survival is the name of the game.
It like all other bear markets will pass, but we still have a long way to go.
Keep focused and be open to opportunities.
All the best,
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