It is sickening. Glassnode is continuing to indicate wallets that bought Bitcoin last year are the ones selling. Yet I know there’s a high probability price action is about to move back up to $48k. Regardless of ‘how’ I feel about this, the market needed to move those players off the board.

On the above 10hr chart price action has corrected a massive 40% since the sell signal.

>> Side note: As far as I can tell price action has never corrected this deeply in such as short space of time, not even during the March 2020 crash. That’s saying something.

Now is an excellent time to be long. Why? Seriously? Ok here’s why:

1) A buy signal.

2) The green trend line on the 2-day chart. Very little coverage of this out there. Look left. If support to target of this idea is confirmed, well…. we’re going to see a blow off top rally like in 2013 and 2017. This is an important trend line .

Is it possible price action falls further? For sure. For last year’s wallet holders no price is low enough.

Is it probable? No.

Good luck!

Ww

Type: Trade
Risk: <=6% of portfolio
Timeframe: 1-3 months
Return: 60% minimum

2-day chart – that green line

Looking left and zooming out: