Gm and happy Monday! ☕️

Bitcoin Update & Hyblock Heatmaps

What a way to start December, after moonvember already fell through.

But for now (at least) I don’t see any reason to panic.

We just had the monthly close, and algos can sometimes adjust pretty aggressively when a liquidity cascade gets added into the mix.

We’ve hit the area we talked about a few days ago. I didn’t really have that zone on my radar anymore as an immediate target, but a monthly close can always trigger a strong reaction.

In the bigger picture, I still expect more of a rally at least into the 99k/100k area.

This drop right after the monthly open could, in hindsight, turn out to be a higher low that paves the way for the Santa rally.

Or it’s the start of another leg down into the 70s - only time will tell.

There are good reasons to believe the bear market is already here, and there are good reasons to believe we’ll still get a blow-off top.

Always be prepared for both scenarios and don’t go all-in!

Have a better start to the week than Bitcoin and see you soon!