BTC Double Top
Updated
Lines up with my other post on DJI.
Fundamentals line up with chart. Fibs happen to work as well - I don't usually use them.
Economic data reversing the bullish rate cut bets. I believe this is the second peak.
Fundamentals line up with chart. Fibs happen to work as well - I don't usually use them.
Economic data reversing the bullish rate cut bets. I believe this is the second peak.
Note
I've called the top 3 times, 2021 and twice here so you have 2 double tops. In real numbers, this actually isn't quite at the same level, and in nominal dollars it looks higher.This is 100% a call on fundamentals tho.
The market shot back up on cool CPI and it's coming back down on hot PMI and strong unemployment data.
You have to watch the real dollar numbers as well. This call is a top on real dollar. Factoring inflation it could drop. Notice I'm calling on DJI as it doesn't have AI in it. The numbers could go higher in S&P and Nasdaq w/ NVDA etc.
Note
Update I just found intelligence firm net short on btcdailyhodl.com/2024/05/26/hedge-funds-net-short-on-bitcoin-and-ethereum-futures-on-cme-kaiko-analytics/
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