-EXCLUSIVE- Bitcoin experienced a decline today, reaching a level similar to when we previously bought the dip on May 12th, 2023. The dip can be attributed to Bitcoin's current oscillation within a tight descending range, leading to its inevitable downward movement. However, the significant drop in price is primarily due to the SEC's announcement of a lawsuit against Binance and its CEO for selling unregistered securities.
Bitcoin update: SEC vs Binance
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Hi Vincent,
With the WU BTC Current Position signal, are you always 100% invested when the signal is Long?
When not long I believe you might be neutral are net short depending on the confidence of a moce lower?
Thanks - Eugene
Bitcoin is going up this morning as the SEC sues Coinbase. In my view, this is very bullish. Yesterday's news also didn't scare anyone who held their coins for more than a year, as the number remained at 68.38%. Additionally, this morning's reading of the US Government wallet confirmed that the government didn't sell any of their 205,514 BTC before going to war with exchanges yesterday. There is an underlying assumption in my previous sentence that the US government is strategic and not dumb and would have profited from the value they hold (particularly at a moment where Asian capital dominance on BTC has risen by 11%) if what they want was really killing Bitcoin.
Hi Vincent, as far as i can see, the phase angle went to short BTC as of 20 April. I assume you are using other metrics/indicators to make a decision to keep holding/buying BTC?
Excellent work thank you Vincent, without looking into metrics and knowing what US Govt is holding their BTC, you would think that selling right here on the news is an option, but clearly it's not! Good to see the transaction cost cooling off.