First post to test, let's see how this goes.
Most analyze Bitcoin using spot. That's why most people have been making BAD calls.
Truth is most people were fortunate to have BTC in such a strong uptrend for a longtime. Who doesn't pick winners, doesn't matter the investment, when there's an uptrend?
You know who is good and legit when there's turbulence and they are still making good calls. We're human and cannot always make the right calls but some are vastly better than others at seeing and reading charts to make adjustments. Just like some singers, athletes, musicians, and anything else you an think of, are better than others.
But Bitcoin has huge institutions piling in and more people have adopted it. True, why has the price not shown it then?
Anyway, on that note, FUTURES and DERIVATIVES offer huge leverage & can move more and faster than spot. Think what options & shorts do to stocks. This is why I tend to focus on this data verses spot. I seldom glance at Glassnode and a bunch of other sources that focus mostly on chain data. Don't get me wrong it HELPS but is NO LONGER the focus.
Here we see $BTC #FUTURES.
Purple lines show an intermediate trend.
Light blue lines show a short term channel, dotted lines, inside a slightly larger channel.
Blue line is heavy resistance. We broke last time but made it clear it was LIGHT volume, so it failed at the top part of the range of purple lines.
I've also reduced the number of indicators and moving averages. Coincidentally has made charting a bit easier. Still use the TD Ameritrade charts to get all the crazy data and a different Bitcoin setup. Helps but rely more on this vanilla setup on Tradinvgiew.
For the moment we’re stuck in these ranges. Shorts are reducing, this helps the longs, but the BUY VOLUME is not there, yet. Short term risk should have peaked, look at $VIX and $VXN, we could see more buy volume alongside short covering to bump us up to the top part of the range.
Ultimately to turn full bull need to break the heavy blue line and out of this range with BUY VOLUME.
For more posts, sometimes frequently, please visit us @RoyalOakInc
Most analyze Bitcoin using spot. That's why most people have been making BAD calls.
Truth is most people were fortunate to have BTC in such a strong uptrend for a longtime. Who doesn't pick winners, doesn't matter the investment, when there's an uptrend?
You know who is good and legit when there's turbulence and they are still making good calls. We're human and cannot always make the right calls but some are vastly better than others at seeing and reading charts to make adjustments. Just like some singers, athletes, musicians, and anything else you an think of, are better than others.
But Bitcoin has huge institutions piling in and more people have adopted it. True, why has the price not shown it then?
Anyway, on that note, FUTURES and DERIVATIVES offer huge leverage & can move more and faster than spot. Think what options & shorts do to stocks. This is why I tend to focus on this data verses spot. I seldom glance at Glassnode and a bunch of other sources that focus mostly on chain data. Don't get me wrong it HELPS but is NO LONGER the focus.
Here we see $BTC #FUTURES.
Purple lines show an intermediate trend.
Light blue lines show a short term channel, dotted lines, inside a slightly larger channel.
Blue line is heavy resistance. We broke last time but made it clear it was LIGHT volume, so it failed at the top part of the range of purple lines.
I've also reduced the number of indicators and moving averages. Coincidentally has made charting a bit easier. Still use the TD Ameritrade charts to get all the crazy data and a different Bitcoin setup. Helps but rely more on this vanilla setup on Tradinvgiew.
For the moment we’re stuck in these ranges. Shorts are reducing, this helps the longs, but the BUY VOLUME is not there, yet. Short term risk should have peaked, look at $VIX and $VXN, we could see more buy volume alongside short covering to bump us up to the top part of the range.
Ultimately to turn full bull need to break the heavy blue line and out of this range with BUY VOLUME.
For more posts, sometimes frequently, please visit us @RoyalOakInc