Why this is a bad time to buy Bitcoin.
I wrote a piece on TV on Feb 9th, see below.
Nothing has changed, really. The Elliott Picture changed to a zig zag but it’s still not a buy.
Reasons not to buy at 45k:
1. There is a fat resistance at 48,300. My Risk Reward would be crap. It’s fat, properly fat.
2. If it breaks say 46k all the Moon Bois will start howling. This will bring on a feeding frenzy amongst the professionals, who will happily sell it to them up here.
3. Elliott Wave analysis but I bang on about it the entire time on my streams, watch one from last week or whatever:
https://www.tradingview.com/streams/nomthZgIX1/
I think the timescale may be confusing for some. This is a MONTHLY move with 3 parts and this is only the first one. I want to buy a lot lower down and I believe it will get there in time, certainly before we get new highs, see this chart:
