Bitcoin - Wen Moon??
We have been in this space for an awful long time.
I'm gonna step out to the higher time frames as per usual and I'm just going to explain what I'm seeing as to why I can justify where I think we are on the smaller time frames. To give you an idea if you haven't followed me or you haven't followed Paul you know Paul's been trading for 30 years I've been trading 20 something years now and I guess beyond being a professional investor and trader I've actually managed a venture capital fund as well that focused on cyber security but in and around the payment and financial sectors and we've made investments in blockchain based companies.
We have been in this space for an awful long time. Now, what I've mentioned right from the start is that in 2017, I was seeing I suppose another side of what people now look back at in terms of the charts itself, right. Now at that time I was seeing from the venture side of the business and was actually seeing very little trading volume going on. This was, more tech guys getting involved. Any VC finance from our firm or other firms would actually being put into blockchain ventures and on a simple kind of premise that Bitcoin is up or down, okay, and you could clearly see that the VCs in the space without the technology backgrounds they were basically using Bitcoin as an indicator for other blockchain projects.
So at this point you would have had a few institutional players buying and holding Bitcoin but it wasn't really the volume that you would expect, you know then. So for me when I take into account the Elliott Wave moves, I look to ignore what I saw prior to 2017.
Bitcoin, we going to the moon yet?
I won't describe everything in this article, for the visualization I will explain it on a BTC/U.S. Dollar Trading View chart. I have recorded short video named 'Bitcoin - Wen Moon??' , up to 17 minutes long, covering the current stage of the Bitcoin price.
However, I'm still biasing this on the premise that we are currently going back for the 'D' and a final leg down to grab the liquidity, 'E'. Now as I've said in the last couple of streams we don't really have to go deep all we need to do is come down and be drawn out in terms of the time frame. Because, ultimately, this is going to annoy a lot of retail traders. You see these Moon Carl's and MMCrypto, you know these guys are buying every single top. It's actually sad to watch but you know I guess overall without going again into too much depth on that all they're doing is making money off other people's leverage positions and basically getting kickbacks from the brokers! So the thing is knowing that these guys are top indicators, they've just called another top right at the top of this move right and I've posted this on twitter.
It's almost comical if it wasn't so sad. I think because of the sheer number of followers you can see almost the reason why I don't think they really think that this is going up from there I think ultimately they just leveraging somebody else's money and paying themselves through the social media platforms so when I take all of this into account are we ready to go to the moon yet? Definitely not right now this could be prolonged for another year. I'm not saying it has to be. It's not going to be as simple and you have to realize and you have to think about this logically - it could be right. It wouldn't be any surprise if it was. So just keep rounding back your mind.
Hopefully that until this point, and after watching the video, you got answered a few questions and I suppose kind of got rid of some of the doubts and and even some of the fear, I hope.
I've covered a lot of this over the last couple of months, you can go back to my previous post you know going back as far as you know March or February and January last year and you'll actually see you know what I've put out there what we've actually got where we are you know all through the structure why the levels are in this and it's all mapped out okay so all you've got to do is flip through the Mayfair Trading View. You'll see these particular posts and then you can follow along in terms of the current roadmap so I hope this makes sense hope you enjoyed and like I said the next video is going to be for the subscribers short term stuff so we're yeah have a great weekend, cheers.