Dear DK,

As one ages, realization that sometimes there’s nothing to add other than a nod when one agrees pretty much fully kicks in. (Whereas the kids are super nice as they talk a cartload just to say the same thing.)

Good job, fully agree..

Personal commentary:

1. For Bitcoin at around 5300, the price recovery seems like a trap. Whether a trap that would break down now or with a leg up, I don’t have a clue.
2. Individual investor is having hard time to support the price and due to the nature of the move up, there has been limited if any institutional money coming in above 4000.
3. With every passing hour, I’m starting to feel that when the break down starts, it will be like the 4000 to 5000 move. Very sharp and brutal. Any other calmer breakdowns for the moment end up as trading opportunities and will keep doing so.
4. There would be a magical (!!) number possibly around 4950–5050, where the break would break down. But I don’t think it’s feasible to watch for it. It’s rather a time to choose if this is a 6000 first or correction first move. Either way, I don’t think there’s enough buying interest to prevent lower levels being retested.

Thank you,

Okan