BTC.... Busy doing nothing

21 Haz 2021

Okay, so you probably think the recent movement in BTC is chaotic and the recent price action is pretty volatile.

Take a step back to see the big picture.

We exited the first Wyckoff structure on May 17th.

Now we are in a new one. No exit yet. All the moves within it are just designed to get you stopped out. Each time it dives it looks like the end for BTC, and each time it rallies hard it looks like all our troubles are over.

Fact is, nothing really is happening. We're still in the structure that messes with your head.

We hit the Elliot Wave 3 in April, and we haven't seen the 4 yet (in our opinion). I say our because I work with Mayfair_Ventures and this is our belief. We've just not seen the volume driven impulsive behaviour that characterises the start of the 5th wave, and logically we think the price needs to drop down out of the zone first. So, expect another move below 30k before we see the rally.

We are long term bulls of BTC and crypto generally, but some pain will be endured first.

Be like Pooh. Chill your boots.