CRV continues its rather undignified plunge into the abyss, displaying not the slightest regard for support levels, demand zones, or the increasingly desperate hopes of its devoted admirers. Far wiser, ladies and gentlemen, to await evidence of a market low than to stand defiantly before an approaching locomotive — even if one's favourite influencer has issued a royal command to do precisely that. Let this serve as another timely reminder of the extraordinary risks involved in purchasing an asset following a substantial price advance, particularly when it is approaching a region where supply exceeds demand, the VIX has entered a new bullish phase, and equity markets have already broken down. A very high-risk proposition indeed, and hardly the conduct of a prudent market participant. Those who took the trouble to watch my recent Bitcoin update will recall the rather pertinent question: ‘Has the cycle failed?’ If the warning signs were not sufficiently apparent in early October (and indeed in late September as per the video below), I dare say the market has since gone to considerable lengths to make its position unmistakably clear (as is often the case after the move and too late for many). As ever, the charts speak with authority. One may argue with the analysis, dear fellows, but attempting to negotiate with an oncoming train is a most unfortunate way to discover who has the right of way.