Will Bitcoin begin to break the sell-wall in the 70-72K area in the coming 7 days?
Snapshot Thursday
Dear Subscribers,
Happy Snapshot Thursday!
First published in our Telegram Group, Swissblock’s Henrik Zeberg shares his weekly insights on crypto and macro price action. Make sure to join the channel for the most direct access to this resource:
If you follow our Crypto Compass, you will see that coming from another angle, Henrik’s use of the Elliot Wave principle leads to a very similar conclusion to our view using Swissblock’s proprietary metrics.
Now let’s let Henrik take over:
I came here after reading the Snapshot Thursday email mentioning MoonKin
I kinda felt surprised by the short term view on Aug 1 SnapShotbThursday being super Bullish and then literally the day after it started going downhill all the way to Monday. Aug 4th came an update that felt like covering your bases, after Aug 1st communication.
Monday's flash crash was completely unexpected, can't blame anyone here.
But, if as you say "our proprietary Bitcoin Risk Signal, our Risk/Reward metric, and our Algotrend Signal all point towards a more cautious approach for the short-term."
I would have liked to have been given that view as well.
But I would worry after receiving this feedback, the updates would become neutral in a way try and keep Swisssblock always right.
Either way, I still follow you guys and learn a lot. So thank you for your insights.
But hey, at the time of this writing BTC is at 61.6K so you're probably right and we are on track again 🤷🏾♀️ it feels like a casino
Don't get me wrong, I'm not trying to unnecessarily flame you. I'm all for promoting financial freedom too but you gotta admit your track record hasn't really been anything write home about. I have tuned out, perhaps I'm only noticing when you have been wrong and missing all the times you're right. But I know from a retail investor point of view, this sort of perma-bull sentiment from people that look like they know what they're doing is hurtful and damaging the Bitcoin vision in the near term. I think if more people took the cautious approach like RektCapital and Benjamin Cowen retail would have a better expectation of the future and position accordingly.
Let's check back in what... 3 days to see if we reach the 70-72k area.
Enjoy your Sunday 🙏