Trading is About Offence and Defence
Diupdate
That one came close. Money Man put himself in what he thought was a safe position and that bullet only just missed him. He would not have suffered much as, if hit and it could still happen, he would still have been in profit. Just shows him that he should stay humble. Here is it acceptable and even preferable to shoot the market in the back while it is running away from you up the hill. And that is exactly what Money Man is doing now, taking shots, and picking up more ammo as he is following at a safe distance, not prepared to retreat. If he gets hit, he will still smile and call it a fair fight while looking at his P&L.
The question now is, was that a single shot or has a line been drawn here. The 4 hour chart would give a good clue as to if BTC is going to run up the hill. Then, at least, it could go back to the futures price. Money Man is keen on seeing it rise above the previous analysis’ Green Target 1, as a confirmation as to intent, but that should not happen before the opening of markets in the new week, if so at all.
It appears the uncertainty around the elections was a fundamental driver / excuse for the latest movement up and a correction happened as results are being finalized. That then stand to reason that further uncertainty, caused by litigation, etc would be an excuse to push up even further. The next level of reasoning would then be that a correction, using results of litigation as an excuse, would follow. This is speculation, obviously and Money Man is not too phased by it, as you know, but rather is looking at decision levels themselves.
Conclusion: Money Man does not like fiddling with the charts while the story might still be unfolding but did this one as he had the time. Chances are that this will turn into a pattern that would clarify but if this turns into a bit of a V correction, BTC could surprise us. Also if BTC finds strong support at Red Target 1, then the level we are at now, could become a target. Very Important to Me: Please leave a like if you appreciate the effort, please comment to develop this and please follow if you think this is going somewhere that you might like to know about.
The question now is, was that a single shot or has a line been drawn here. The 4 hour chart would give a good clue as to if BTC is going to run up the hill. Then, at least, it could go back to the futures price. Money Man is keen on seeing it rise above the previous analysis’ Green Target 1, as a confirmation as to intent, but that should not happen before the opening of markets in the new week, if so at all.
It appears the uncertainty around the elections was a fundamental driver / excuse for the latest movement up and a correction happened as results are being finalized. That then stand to reason that further uncertainty, caused by litigation, etc would be an excuse to push up even further. The next level of reasoning would then be that a correction, using results of litigation as an excuse, would follow. This is speculation, obviously and Money Man is not too phased by it, as you know, but rather is looking at decision levels themselves.
Conclusion: Money Man does not like fiddling with the charts while the story might still be unfolding but did this one as he had the time. Chances are that this will turn into a pattern that would clarify but if this turns into a bit of a V correction, BTC could surprise us. Also if BTC finds strong support at Red Target 1, then the level we are at now, could become a target. Very Important to Me: Please leave a like if you appreciate the effort, please comment to develop this and please follow if you think this is going somewhere that you might like to know about.
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