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I’ll be straight with you — I’m taking the opposite side of the bullish Bitcoin narrative right now. The technical picture I’m seeing suggests we’re far from done on the downside, and the chart is telling a story most traders don’t want to hear.
Everyone wants to talk about ETF inflows and long-term adoption, but none of that changes the structural reality on the chart. Bitcoin’s current technical posture is weak, the momentum has shifted, and the corrective signals are flashing bright red.
Let me walk you through exactly what I’m seeing and why I’m preparing for a move into the $32K to $40K zone.
The Corrective Symmetry That Changes Everything
I’ve identified a corrective symmetry pattern based on the high-to-low, lower-high-to-lower-low structure, and it’s pointing to a symmetry zone I just mentioned between $32K and $40K. That’s not a guess — it’s where the technical rhythm of this market is leading.
This symmetry aligns with the type of 70% corrections Bitcoin has always produced. These drawdowns aren’t anomalies. They’re part of the DNA of this asset, and pretending they don’t exist is how traders get blown out.
The bottom line is this structure has to change, and right now there’s nothing good about Bitcoin’s setup. If you’re trying to dollar-cost average in here, it’s a terrible trade. The technicals simply don’t support accumulation until something materially shifts.
Bitcoin’s also trading below the 200-day moving average with correlations to major indices breaking down. It’s on its own island, and it’s not a healthy one.
How I’m Playing This — Selling Calls, Not Chasing Lows
My strategy remains simple and consistent: I’m exclusively selling calls on the iShares Bitcoin Trust (IBIT) and anything tied to Bitcoin, rolling them continuously and lowering my cost basis through premium collection. I’m not trying to catch a falling knife, and I’m not entertaining a bullish bias just because July is historically strong.
There’s also a psychological component here that traders are underestimating. The market senses vulnerability around major holders like MicroStrategy (MSTR), and the pressure on institutions with massive Bitcoin exposure is only increasing.
When the market smells blood, it presses.
Bitcoin’s always been capable of massive upside, but those gains come with equally massive drawdowns. That’s why it’s become far more of a trade for me than a long-term allocation. Until Bitcoin reclaims bullish territory above $85K and proves its structure has changed, I’m staying on the defensive side of this market.
The symmetry zone between $32K and $40K is where I’m focused…
Whether that’s the ultimate bottom or not, it’s the next logical step in this corrective cycle.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
I just went live with Lance Ippolito to share three trading files from my private Trading Vault…
These are files I’ve kept closely guarded for months!
