Thread by @nap_trader

We're bleeding, but not blood on the streets.
#cryptocurrency market/#bitcoin Market Analysis 9/6 . Today, is well, bearish. I think some people did indeed pick up on the $1000 drop for Bitcoin that happened across about 10 minutes.

Of course, those do tend to shock people, as they are not bullish. Meanwhile, some call groups are hilariously moving the goalposts lower. "It's going to stop at 19k, no 18.8k, no 18.6k!" the word for that is #rekt.

I guess this is more like - $800 drop in 15 minutes, or $1000+ in 30 - but still, not too much of a surprise. The big part there is the volume was significant. tradingview.com/x/ZC5BxVHF/

I have to move the candles up to even show the volume candle on larger timeframes, it's that big. tradingview.com/x/sIdBq4RW/

$SPY did not move like $BTC, which is significant. This is BTC moving more bearish than stocks. Not a sign of strength. This is of course SPY moving downwards and macro bearish,but still. tradingview.com/x/09NeVNfB/

On-chain wise, we have yet to see capitulation from newbie Bitcoin holders, which adds up to the sort of failures we'd expect. Courtesy of @whalemap, this image shows we haven't hit the point that really defines the bottom in the market. imgur.com/a/wJijB3o

It's showing that the amount of bagholders is decreasing with every wave, and that the biggest players are (shocker) continually getting bigger. Just using different wallets. Decentralization...wait...nope. So there's little to no demand.

I'm not sure what anyone would expect, but up is not the route this appears to be going.

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