Several developments over the weekend point to the chance of Bitcoin (BTC) moving aggressively to $4,100.
From the point of view of flows, it has been reported recently that Bitcoin (BTC) transactions have picked up to levels not seen since the distribution top in January of 2018. In our view, that means that institutional buying has entered the market and is overwhelming any selling from whales. In fact, this move seems to be unfolding according to a scenario laid out recently by our group.
From a chart perspective, Bitcoin (BTC) on Coinbase has hit an interesting Fib circle point and is poised to extend today’s rally. The number of retail accounts at Coinbase could produce FOMO, particularly with the way Ethereum (ETH) is trading.
Also, the Wyckoff bottom scenario in Bitcoin (BTC) is also playing out nicely (Figures 2 & 3). We have been tracking this bottom scenario since Christmas.
Bottom Line: All this points to a move to a Gann point at $4,100 (not shown).
The Crypto.IQ Trading Desk has been long Bitcoin (BTC) and Ethereum (ETH) for some time.
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