So is it finally time to go long in Bitcoin?

Here at Mayfair we have spent literally years trying to save all of you from getting caught out in Bitcoin. It's at times like these that we have stepped forward and warned you that all that glitters is not gold.

Right now Crypto Twitter (Crypto X??) is bullish, like it is every time a breakout seems possible. Wanting to be right is never enough.

Let's look back at previous examples, here is one from March:

And a few days later:

Onward to June:

Now, is it finally time? NO! I would recommend not buying here, instead wait for lower prices. Be patient.

You can see that the professionals are net short BTC. (You can get the COT tool from our website for free). The Price Action is NOT impulsive. The monthly, weekly and daily stochastics are overbought.

But for me the main thing is the psychology aspect. People are not broken and giving up yet. They have to be encouraged to buy BTC here, to fuel the down-move that the professionals are waiting for.

The lines on the chart I drew months ago. I still favour a spike above 32k because that would be a new high since August 2022, and that should be enough to trigger some stop-losses from shorts and get a whole new wave of mugs to buy. Then the drop can come.

Now, we can be wrong, but we can say with confidence that the next stop is not a new all-time high. I'm saying the same as I have been saying for months. A pop up to 32k+, then back to 21-25k. Personally I think it's 21.

My sell order (I am long cash) is still in at 32k+, and I will replace this and my other sale at < 25k.

We are BULLISH in BTC long-term, just not from here. I may have mentioned this before, like 100 times.

There you go. Take care.

My partner's recent stream: https://www.tradingview.com/streams/UMLGqxdKlt/

Comment:

I have now sold half the BTC I bought at the lower levels. Sitting back to wait for 21-25k