#BTCUSD: Bullish until the end of November...
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I suspect we are seeing a failure in the bearish signal we had recently, and yet another bullish trend in the weekly timeframe here. The M2 adjusted chart is highly interesting as it predicts we may see prices break the 2019 top briefly, I fear this might lead to an extreme in bullish sentiment a subsequent market crash towards lows not seen since the COVID bottom.
I remain cautiously bullish, and patiently waiting to short the top when it materializes as per this analysis.
Here's the spot chart for reference:
Note this is a bullish idea for now, potentially leading to a major market top by the time it peaks as anticipated.
The commitment of traders report shows that CME short sellers keep increasing their short position, and asset managers buying (over record levels). At some point short sellers are likely to win, as has been the case so far.
Disclaimer: We're long for the time being.
Best of luck!
Cheers,
Ivan Labrie.
I remain cautiously bullish, and patiently waiting to short the top when it materializes as per this analysis.
Here's the spot chart for reference:
Note this is a bullish idea for now, potentially leading to a major market top by the time it peaks as anticipated.
The commitment of traders report shows that CME short sellers keep increasing their short position, and asset managers buying (over record levels). At some point short sellers are likely to win, as has been the case so far.
Disclaimer: We're long for the time being.
Best of luck!
Cheers,
Ivan Labrie.
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A bit concerned here...-for now-
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