Ninja

It’s funny how quickly the $40K calls return when $BTC has its first proper pullback. We rallied roughly 50% from the bottom. Now we’ve corrected less than 15%, and people are already calling for new lows. Apparently Bitcoin has to go straight up for the bullish case to remain valid. Recoveries have pullbacks. Price retests previous ranges, consolidates and builds higher lows. Where’s the actual argument for $40K beyond the fact that price is going down this week? My view remains that Bitcoin has new highs ahead before we see new lows again. It’s going to take more than this correction to change that. Bookmark the $40K calls. Especially the ones being delivered with absolute certainty. If Bitcoin recovers and breaks into new highs, watch how quickly those same accounts start telling you to buy at significantly higher prices. I’d like to see them explain what happened to $40K before giving everyone their next upside target.

Decision time for $ZEC. We’ve seen a clear ascending triangle develop from the $1,050 lows, where buyers stepped in to defend the neckline area of the potential macro head and shoulders. We’ve also had multiple attempts to break through $1,370, with price still holding the trend line that’s been developing from those lows. If we hold the trend line and finally break through $1,370, we should see a sizeable squeeze, considering how much short liquidity is stacked above this pivot. That would carry us back towards the recent highs around $1,500–$1,700. I’m personally still short from $1,420, but I’ll close all my shorts and flip long if we break above $1,370. However, until that breakout happens, I’m still expecting the macro downtrend to continue. If we get the compound breakdown below the trend line and $1,210 support, I’d be looking for a move back towards $1,100, putting the larger neckline area under pressure again. If this recent rally forms the right shoulder and we then lose $1,100, I’d expect a flush into the prior cycle-high liquidity. As I’ve said before, if we do get that flush, I believe it would mark the final stage of the macro correction before price stabilises and begins trending higher.