The most promising short on the board is starting to move in our direction, providing an opportunity to add to positions. Technically, a fifth wave down is overdue and looks to be just getting going. Fundamentally, a spate of attractive IPO's coming to market this summer could very well coincide with a further abandonment of the BTC trade: What gets sold to buy Space X, Open AI and/or Anthropic? BTC 2-Day Note the three down arrows showing a cluster of recent breakdowns, suggesting a new leg down targeting much lower prices for Bitcoin. IBIT 2-Day Our trading proxy for Bitcoin is IBIT, currently trading in the low $40's, but targeting mid-$20's for a measured EW move lower. A single red arrow appears on above the price break below IBIT's Wave 4 channel. IBIT May 18th Trade Optional Add-On Puts: Sep Expiration These Sep puts allow for a full summer of cascading price declines in BTC and IBIT.
