The next few weeks should be quite climatic for Bitcoin and by extension, the Nasdaq. It hasn't been lost on the me that the only trade that has been working in the numbers we prefer in our option trading at Blue Line, has been our quite accurate take on Bitcoin, including put positions on both IBIT and more recently, MSTR. Bitcoin "Put" Positions BTC 3-Day Although five waves down from the top can be counted as complete, EW symmetry suggests a drop into the 100% to 162% price range-window more likely. That the Nasdaq will follow the next leg down is our working hypothesis, with a heavy bet for it to collapse, along with Bitcoin, by July 17th expiration. If it doesn't start by the next week, we have to add new positions with August/Sep expirations (see below for MSTR trade idea). As for Nasdaq, could there be a Independence Day surprise lurking in the days ahead? A hard break of the QQQ 700 level will make a 100 point crash over the ensuing 2-3 weeks an all but certainty. One Week Ago To which all I can say is: "Ditto." MSTR Puts Although the Aug $50P @ 2.20 is tempting, going all the way out to a post Labor Day expiration, for only a $1.00 more, is my preferred bet, i.e., that MSTR will get cut in half, or worse, from its current price of $85 in one fell swoop of a climatic Wave 5 finish. MSTR Weekly
