To people who say that I flip flop on Bitcoin's price:
I have been bearish for 6-8 months on bitcoin.
I'm not entirely sure how you missed that unless you just read the title of my videos and don't watch?
I am now bullish as my conviction has changed
πππ
Bitcoin's daily candle closed below the 21 day EMA, which means we're likely falling to 200 day EMA (orange line)
But we broke the 21 EMA without retesting the 12 EMA as resistance first, so we're likely to rally up to $78k before we get the CPI data that will cause our fall
Bitcoin's daily chart has now closed below the 12 day EMA two days in a row
That's not exactly a position of short-term strength that we're sitting on heading into PPI and CPI inflation releases Thurs/Fri
The fact that the Treasury announced that they're increasing their buying of bonds and rates STILL WENT UP is a crazy bad sign
And they did this a week or two ago as well. No Bueno
Bitcoin is trying to charge upwards in the face of bearish macro factors like Oil, Bonds, and odds of rate hikes acting bearishly... which is why my shorts are still open at this time
BTC's chart seems like it's still trying to make a decision regarding what direction it wants to go in. I'll cover the order bonds, oil, and bonds in a follow up video