Chart of the Week - Bitcoin
On Friday, the newest COT data was released and Large Speculators continued to be non-believers in this Bitcoin rally increasing their net-short position significantly from the previous week.
For the third time in the past 18 months, Bitcoin makes a new-all time high on a closing basis, after Large Speculators became crowded short BTC futures. This is something we have been tracking at CMR and until proven otherwise, Large Speculators, are the traders to fade when it comes to BTC and rallying higher. Each Friday with the new COT data being released, will provide more data on the potential for this trend to continue. CMR is always first to publish these charts to our members within minutes of the new COT report.
In the flagship report we published yesterday, I discussed how Bitcoin could be a beneficiary of a new regime scenario where the Dollar gets a real devalue and a re-evaluation of the viability of its status as the global reserve currency. To learn more about how to access the report and join our trading community, you can visit the link below and take advantage of the Memorial Day promotion that ends today.
Thanks,
Jason