BTC/USD Triangle Still in Play-But on shaky ground
Updated
Long-But with tight stops
The primary count is in White and is labeled as an ABCDE Triangle. It's still holding but barely. If we do break down, my alternate is in yellow. We just have to be patient
I've been asked a lot by friends on what I think about George Soro's finally getting into crypto.
Soros is known worldwide in the investment community as a professional shorter. He participated and made over 1 billion dollars by shorting the British Pound Sterling during what would eventually be called "Black Wednesday"
Now, in order for his fund to announce this, they were already either invested and want the market to rally on this news to make large sums of money on the way up, or they want to make everyone buy into a wall of hope, and short the shit out of it, eventually overwhelming the buyers and taking a massive short position.
So which is it. IMHO, I think BTC has already popped and retraced 70%. If I was him, I would be accumulating longs all the way down, and once i felt i had a good position, announce it so the market can rally. I may be wrong on this, and he may be looking at BTC going into the hundreds, hoping to short it. But, to me it would be more wise to catch the ride up to new highs while slowing building an absurd amount of short positions so he can do what he did back on Black Wednesday.
We shall see
The primary count is in White and is labeled as an ABCDE Triangle. It's still holding but barely. If we do break down, my alternate is in yellow. We just have to be patient
I've been asked a lot by friends on what I think about George Soro's finally getting into crypto.
Soros is known worldwide in the investment community as a professional shorter. He participated and made over 1 billion dollars by shorting the British Pound Sterling during what would eventually be called "Black Wednesday"
Now, in order for his fund to announce this, they were already either invested and want the market to rally on this news to make large sums of money on the way up, or they want to make everyone buy into a wall of hope, and short the shit out of it, eventually overwhelming the buyers and taking a massive short position.
So which is it. IMHO, I think BTC has already popped and retraced 70%. If I was him, I would be accumulating longs all the way down, and once i felt i had a good position, announce it so the market can rally. I may be wrong on this, and he may be looking at BTC going into the hundreds, hoping to short it. But, to me it would be more wise to catch the ride up to new highs while slowing building an absurd amount of short positions so he can do what he did back on Black Wednesday.
We shall see
Note
Looks like the Triangle formation is still holdingOne important point to make is that it slightly breached the triangle resistance line and is now building support for the next move up. As long as BTC can continue up until the log scale resistance triangle line is broken, we are still at a critical juncture
That short squeeze was amazing to watch. Can you imagine how much money came in to overtake the highest shorts on record?????? That shows you big money wanted to hold the line. The next phase is still in question, but that was awesome
Hope everyone is well
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