So most of us assume there's been some huge entities exiting BTC, right? Just relentless, steady spot selling.
If you prescribe to that theory, then it also makes sense BTC wouldn't respect any trends/levels, it just keeps drilling down because whoever is getting out doesn't care, they just want/need out.
So in that sense, doesn't it seem to make more sense to use trends/levels from the rest of the market?
For example, if Tom Lee decided to sell all his ETH suddenly, you probably wouldn't treat ETH losing levels as a signal for the whole market and then get bearish SOL too. You'd say oh yeah, obviously ETH is losing every level because Tom is exiting, but that's just ETH. But with Bitcoin, since it's the father of the whole market, when it goes down, we see it as bearish for everything.
Having said all this, you still don't want to stand in front of it while it's happening of course. And also the answer to why the large entities are exiting could be bearish in itself.
Basically what I'm saying here is *if* we're in a case where BTC loses all major levels and then reclaims them instead of entering a bear, this could be a possible explanation for it.
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