The correction in #BTCUSD is likely over, the last short signal I had was stopped out at 8026, so we had to rush to cover and flip long immediately. Despite this setback, the confirmation of that signal failing implies a 1 month move towards 10k, and the odds of the long term trend that kicked off when we broke 6600 being active increased. If we move as planned, and hit 10k, and then move sideways until prices launch up over 11-12k, we will most likely be on our way towards 18-35k in the mid term... If this happens, then the upside can exceed 40-50k easily, reaching a peak as high as 240 to 360k over time, by late 2020.
Bakkt is seeing an increasingly strong volume trend, which was what I wanted to see for a bottom to materialize. The fall was caused by CME short sellers most likely, who shorted in the face of low volumes after Bakkt launch -which seemed to indicate that the expected institutional demand was a hoax, and never happened, making bullish aspirations a mistake...-. Clearly, CME traders profited from this move, but there is now evidence that their initial conjecture was erroneous, which we will know over time, as Bakkt volumes increase more and more as a sign of instutional demand, seeking secure real #BTC ownership.
Cheers,
Ivan Labrie.
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Target hit for the 2D signal, next step is to hold over the cyan box on chart, and trigger a new biweekly timeframe bullish trend. Clearly shorts are being squeezed, and the lower liquidity during the weekend will likely make things worse for them. Monday will open dramatically higher, forcing any remaining CME shorts to cover as well, pushing this thing higher I bet. We'll see...HODL.
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A viable guess.
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So far so good...
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Inverted chart shows #Bitcoin might be in a weekly downtrend still, probably until the launch of options at Bakkt and or CME.
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7293.55 should be breached over time, many people must have their stop loss around there, most traders went long after the surge from that bottom to 10350, but the smart money went heavily short, over at CME, #BTCUSD weekly downtrend on track
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Almost at the initial target, I covered shorts and flipped long 7k ish.
Bakkt volume did jump like mad last three days. If the “market” didn’t close at some artificial time for the weekend it would have certainly kept piling up.
Interesting to see if your CME hypothesis (Monday short coverings) pans out. Thanks.
Interesting to see if your CME hypothesis (Monday short coverings) pans out. Thanks.