We had a minor drawdown recently, which is completely normal when trend trading. We primarily follow the existing long term trade, so setbacks like this can make us lose part of the account value. In previous corrections, we managed to hedge exposure or even go to cash and short, but not this time. Even despite this setback, we look to be in track to trend up very soon. See the vertical green line on chart, for an approximation of the starting date of the next daily rally. There's also a chance we jump up from here after 2 days.
I think it's possible that BTC forms a 'distribution top', where the smart money reduces exposure gradually, on the back of the crowd, that lured by the promise of even more insane future growth, will end up buying the top in this market, for at least 20 months after Novemeber/December. In this regard, everything suggests our long term forecast posted long ago is valid, except that the upside targets have extended to between $6300 and $7600. Expecting enthusiastic forecasts of $100000, and other crazy figures once we hit the top. For now, holding longs, and adding gradually as we get more and more confirmation of this scenario.
Best of luck,
Ivan Labrie.
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We now have 13 days of accumulation here. If we hold here for 3-4 days price will go back up.
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I bought around here.
We might have bottomed, now we wait and see.
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I sold all my BTC for USD at $6420 and opened a small short.
It's getting a bit boring listening to the same old broken record from my side but... Thanks for your post Ivan! Always looking forward to reading them :)
@lilbit13, when shorts forcibly close in loss during a rally but there's no liquidity for them to close.
AlexTrade2
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Timeframe to 9k?
DIYIrrigation
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@IvanLabrie I''m with you on the decision. What is your anticipation. Do we move up to a certain level and then down for a last leg or are we heading in the direction of the last top? Interested in your view on this. Thanks Ivan!
All the FUD has brought a new wave of attention.
trends.google.com/trends/explore?date=today 3-m&q=bitcoin