ridethepig | BTC After Fed Capitulation..
Highly recommend those following from the previous BTC diagrams to dig deeper into the fundamental drivers in play as we will not be covering those here today:
On the technical side, we are tracking a retrace leg inside an impulsive 5 wave sequence towards the $9,975 highs which is the minimum flow projection from a breakout.
Two simple opportunities to go long in play from a purely price perspective. For the triggers...
(i) Firstly we will wait for either a breakout of resistance and play the momentum rather than jumping the gun and risking getting caught in chop.
(ii) A blind long on a test of the Monthly Open at $8,540.
On the medium term flows as long as $6,213 is holding the uptrend remains intact. It is very strong steel support, a break above the highs in this swing that we are tracking will lock them for a very long time:
Here the safety of the swing is protective and the advance becomes strong. And once more, the reason can be found in the qualities of decentralisation and the role it plays in the contraction of globalisation via protectionism (in particular the US & UK). So the truth seems to lie in the following facts:
Just as our judgement of CBs developed on the basis of price stability and mandates, there is an initiative for BTC to shine and play a major role in the new while the stubborn refuse to adapt, those who are nimble will be rewarded.
As usual thanks for keeping the likes, comments and charts coming!