Bitcoin, the BIG PICTURE
For those of you that have been following me and Mayfair_Ventures there is nothing new yet apart from more evidence that our picture is correct.
The Monthly and Weekly Elliott Waves shown are unchanged. We know that technically the Monthly is broken, but as we are not religious fundamentalist Elliotticians we don't mind.
The new data we see in this picture is the high volume week (the highest ever) and the accumulation visible in Commitments of Traders data, seen in our CoT tool below.
These two facts are new evidence of the big players accumulating ready for the next bull market in Crypto.
For us, this is the start of the process, which may have some months to play out. It's just nice to see some more signs supporting our theory.
Don't use margin to get long here. We expect further bumps in the road, and there will be more and higher probability opportunities along the way. If you are long cash like I am, then you can't get stopped out, and this new evidence gives confidence to add to longs as we get dips in the coming months.
You can get the CoT tool for free by going to our website, and clicking "GET A FREE INDICATOR". CoT data is released weekly in arrears, so it's great for picking up long term changes in trends like this.
Short-term we expect a series of rallies to clear out the shorts and get crypto twitter buzzing, followed by another dump to catch all the Youtube/Twitter influencers and their orbiters with their pants down. This market doesn't give anyone a smooth ride.
Once everyone has given up, then it's rally time. Stay calm. I'm calm because I'm already long down here and can't get margin calls.
The Monthly and Weekly Elliott Waves shown are unchanged. We know that technically the Monthly is broken, but as we are not religious fundamentalist Elliotticians we don't mind.
The new data we see in this picture is the high volume week (the highest ever) and the accumulation visible in Commitments of Traders data, seen in our CoT tool below.
These two facts are new evidence of the big players accumulating ready for the next bull market in Crypto.
For us, this is the start of the process, which may have some months to play out. It's just nice to see some more signs supporting our theory.
Don't use margin to get long here. We expect further bumps in the road, and there will be more and higher probability opportunities along the way. If you are long cash like I am, then you can't get stopped out, and this new evidence gives confidence to add to longs as we get dips in the coming months.
You can get the CoT tool for free by going to our website, and clicking "GET A FREE INDICATOR". CoT data is released weekly in arrears, so it's great for picking up long term changes in trends like this.
Short-term we expect a series of rallies to clear out the shorts and get crypto twitter buzzing, followed by another dump to catch all the Youtube/Twitter influencers and their orbiters with their pants down. This market doesn't give anyone a smooth ride.
Once everyone has given up, then it's rally time. Stay calm. I'm calm because I'm already long down here and can't get margin calls.
eBook ON SURVIVAL: amazon.co.uk/dp/B0BSY763W3
THE CITY TRADERS: thecitytraders.com/?aff=9
Discord: discord.gg/Ma7SnExcWA
THE CITY TRADERS: thecitytraders.com/?aff=9
Discord: discord.gg/Ma7SnExcWA
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