The correction in #BTCUSD is likely over, the last short signal I had was stopped out at 8026, so we had to rush to cover and flip long immediately. Despite this setback, the confirmation of that signal failing implies a 1 month move towards 10k, and the odds of the long term trend that kicked off when we broke 6600 being active increased. If we move as planned, and hit 10k, and then move sideways until prices launch up over 11-12k, we will most likely be on our way towards 18-35k in the mid term...
If this happens, then the upside can exceed 40-50k easily, reaching a peak as high as 240 to 360k over time, by late 2020.
Bakkt is seeing an increasingly strong volume trend, which was what I wanted to see for a bottom to materialize.
The fall was caused by CME short sellers most likely, who shorted in the face of low volumes after Bakkt launch -which seemed to indicate that the expected institutional demand was a hoax, and never happened, making bullish aspirations a mistake...-.
Clearly, CME traders profited from this move, but there is now evidence that their initial conjecture was erroneous, which we will know over time, as Bakkt volumes increase more and more as a sign of instutional demand, seeking secure real #BTC ownership.
Cheers,
Ivan Labrie.