Is it really a Bull Cycle or a Bearish Distribution?

16 May 2024

BTCUSD Whats going on party people, things are getting interesting. Every fund manager reporting their Q1 ETF positions, which was at the ATH of Bitcoin, and they claiming they got 100-300M invested in Bitcoin which is less than 1% of their entire folio.

All meme stocks are popping, meme tokens/coins popping too.. Bitcoin itself showing some strength to finally cross over 67k to open potential flood gates to 69 ish (highly unlikely thought)

But here is how technical pattern is playing out, Bitcoin was in a Wedge and broke down Mid-late April around Halving time, it was important level of 65000 to break down

Since then it has failed repeatedly to stay above 65k, is there anything different this time ?

Earnings largely DONE, Inflation cooling a bit or is it seasonal, Feds have been vague but the technical chart is painting a nice picture..

we are at the top end of an ascending triangle... usually there is a breakdown but if it comes as breakout, and failed to sustain, then it will give me even further reasons to "double down" on my shorts.

The breakdown will confirm this to be another Bearish wave with targets near 53k around end of May.

Do whatever you feel like, but here - I said my reasons to trade the way I trade

23 May 2024

İşlem aktif

We went above the channel as suggested and broken back into channel.. this is very strong sign

11 Haz 2024

Not

We are trading at crucial level.. we might trade around this level for a bit and even bounce back a little to near 68k but I am certain that the wolfewave has broken down and we are heading towards 55-48k range

14 Haz 2024

Not

Waiting for 64750 to break on downside very carefully, this will open the flood gates to 62-60 range almost overnight.

24 Haz 2024

İşlem elle kapatılmış

target hit