* My original idea on BTC.D (BTC.D short till end-Aug, then long in Sep; see link below) remains unchanged.
* BTC.D has remained beautifully within the original channel.
* This update is just to point out the uncanny similarities in BTC.D's behaviour between this and the 2017 bull run.
* If BTC.D behaves the way it did in 2017, then it will follow the current channel down to 33.75% (1.618 fib between bottom and top) by Nov/Dec'21.
* Though I've my doubts regarding the timing, I've significant confidence that BTC.D will continue it's descent.
* Let's sit tight. Be patient. And monitor both BTC and ETH's monthly RSI.
* BTC.D has remained beautifully within the original channel.
* This update is just to point out the uncanny similarities in BTC.D's behaviour between this and the 2017 bull run.
* If BTC.D behaves the way it did in 2017, then it will follow the current channel down to 33.75% (1.618 fib between bottom and top) by Nov/Dec'21.
* Though I've my doubts regarding the timing, I've significant confidence that BTC.D will continue it's descent.
* Let's sit tight. Be patient. And monitor both BTC and ETH's monthly RSI.
Note
Things are getting a bit boring, so here are some thoughts in an interim update.* Michael Saylor just announced that he bought some more BTC.
* If history rhymes, BTC will pump 5-10% these few days and then dump thereafter.
* (I don't think Michael Saylor is pumping and dumping, but others might be.)
* Anyway, what this means for BTC.D is that BTC.D will be staying in the lower half of the channelas BTC's price increases, and then bounce up to the upper half of the channel when BTC dumps (and maybe re-test the 20W SMA).
* This will give us time for things to get more interesting in 2H-Sep'21 or in Oct'21.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.