Counting Chickens
We're so back...but not just yet...
G’day Folks,
A few weeks ago ‘it was so over’.
Today, ‘we’re so back!’
What are the odds that next week, it will once again be so over?
The Strait of Hormuz is finally open closed again, oil prices have fallen to $79 ripped back towards $90, and the US-Iran ceasefire negotiations are going very well in a state of total disarray.
Everything is going perfectly to plan a complete shitshow, and nobody knows which way is up, and which way is down.
Thank you for your attention in this matter.
Subscribers will know that we have been constructive on Bitcoin since the $60k low set on 6-Feb, when we released Welcome to Deep Value. We see this Bitcoin bear differently to a majority of the bears out there, and to no surprise, we also don’t see the same setup as the moon-math bulls.
Bitcoin traded as high as $78k over the weekend, with many patting themselves on the back for ‘calling the bottom’. The bears are calling for yet another lower high, and noting that ‘it’s just a bear flag before the 6-Oct low bro’.
In today’s post, I will share my perspective on this rally, and why I am not counting my chickens just yet. There are plenty of reasons to be constructive on the corn, but these bear market woods are thick and dense.
Rarely is a recovery this easy.
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