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G’day Folks,
There’s a saying we have Down Under for rallies like this one…
You little ripper!
After what is always a long and punishing bear market winter, powerful rallies like this one come as a very welcome change of scenery.
I’d imagine everyone reading this recognises that this latest Bitcoin rally feels different. As the days pass by, it increasingly looks like the starting gun for a new and more exciting bull market regime, and less like a typical bear market rally.
In last week’s post titled Short Squeeze, I made the point that it was critical to see spot demand follow through on the move. If this rally was purely a wash-out of futures positions, the odds were higher that it would be faded, and roll over…just like all the others.
Today’s post will be my assessment of this rally, and whether we are seeing the requisite spot demand follow-through we must see for a bull to kick into gear.
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