Bitcoin Wyckoff - Buy and Bye
Updated
No new major changes to my ideas, just fixed up some labelling and protectory.
Fundamentals are great yet price has remained more or less in the same range. This isn't an accident. When everyone can see 80k-100k BTC, the question becomes, why aren't we there yet? Do we really expect institution to pump so we can dump to them? That's not how it works. Infact, it's almost always the opposite.
As usual, probably change my mind tomorrow, but for now, I'm short.
Fundamentals are great yet price has remained more or less in the same range. This isn't an accident. When everyone can see 80k-100k BTC, the question becomes, why aren't we there yet? Do we really expect institution to pump so we can dump to them? That's not how it works. Infact, it's almost always the opposite.
As usual, probably change my mind tomorrow, but for now, I'm short.
Note
No major changes to the structure yet but it's always good to keep an open mind and not get fixated on one side. The alternative would be something like this playing out:
Still short from 70k.
Note
Now I know everyone will be going on about black swan events, but the truth is, if there was enough strong hands, it wouldn't do much. Imagine you held 99% of the supply and there was a black swan, what would the price do? That's just to illustrate the point bad news don't do much in a true bull market, and good news don't do much in a bear market.
Trade closed: target reached
Short from 70k closed at 60k (limit orders are highly recommended btw). While the original plan is 52-53k, I think it's worth waiting and see here. New chart to come.
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