Thread by @MustStopMurad

1/ Titanium level thickness cluster of resistance here. The longer we stay here the more I'd be inclined to look for shorts.

If we *do* break it though, $4800, at the very least, is in play.

2/ NVT going higher does not inspire confidence right now. Chain usage has gone down, while the price has gone up. The graph below hasn't updated for yesterday's jump in price yet either. We are getting increasingly overvalued overall, the bear market could be prolonged even more

3/ What about ETHUSD?
1. Bearish Wedge broken down on almost all timeframes
2. Bearish regular RSI divergence has been seen on several timeframes for several days now
3. Bearish OBV divergence on several timeframes

4/ Similar effects can be seen with ETHBTC

5/ ETHUSD & ETHBTC both saw/are seeing an 8 or 9 sell on the D and the 3D TD. Rare that you have several of these align on the higher timeframes like this.

6/ We do need to think to what extent the ETH thirdening is priced in. And whether it matters to this market at all. Note that BTC is up ~+30% since its recent local bottom while ETH is up ~+100%.

7/ BTCUSD Long/Short ratio is the highest it has been since the summer.

8/ For what it's worth, the Bitcoin Network Momentum has not yet reached the level that it has during the Jan2015 bottom.

9/ All in all, not only do I believe that the bottom is not in yet, I increasingly believe that this bear market can last longer than most expect. This is definitely one of the ways that the market could "surprise" us.

10/ I used to throw around this chart by @KunalDaSen semi-jokingly earlier in this bear market back in 2018, but every day that passes makes me think that it could actually end up being reality... or close to it.