I expect to see a bit more of a selloff in BTCCNY. The options expirations we had on Friday/Saturday implies no downside protection, and clearly the market already started to react to the record amount of puts that expire in the 1800-1900 region for the S&P500.
BTCCNY has been following the stocks' direction since July 2015, which is interesting, and comes right after the LTC 'pump' and the suspicion that chinese investors were using BTC as a means to escape regulatory controls and move money offshore. Price action justifies this line of thought, clearly.
This decline is a retracement in a larger monthly uptrend. You can check the related ideas for my larger picture view of the rally and targets, and also check out the signal I gave to my group today below:
Contact me if interested in getting timely alerts for all the BTC trade setups that we cover. Cheers,
Ivan Labrie.
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2 minutes for NY stock market open.
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Nevermind, I always get confused when time changes...1 hour left.
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Retracement in S&P500 and XGY0. BTCCNY still bearish.
Will be interesting to see how this evolves. I covered my S&P500 shorts today, didn't like how 2000 held.
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And I was right about fearing upside in equities...and thus btc.
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Managed to squeeze 1.26R win out of the short in BTC. Now waiting since price is in a huge triangle.
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Is BTC leading stocks here?
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Looks like Shanghai is going up, and with it goes BTC.
We're in an uptrend in the weekly for sure, but not sure about that wave count.
cryptopicasso
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im viewing the last run up from 200s to 500s as the 1st wave in a new grandwave set - there will be waves within waves in smaller time frames
but so far fits the model
IvanLabrie
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I don't want to restrict my view to very specific pathways wave patterns demand.
Have you seen my time at mode forecasts posted before?
It's more about horizontal levels, and time and acceleration off said levels.
Thanks for stopping by btw and enjoy the holidays!
cryptopicasso
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yes i also play in a time mode fashion , i use elliotts as more of a general road map in a way
enjoy your analysis always
happy holidays
cheers!
cryptopicasso
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measure the times and % gains per wave of last run and this 1
its quite interesting
IvanLabrie
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Whenever you see a way larger % change vs time, it's a new structure...this is a very good thing to monitor.
Galvin
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atm looks like bitcoin is finding support at the 420 area and been consolidating for over a day now. Not sure if its still bearish till it makes a new low. Could retest downtrend line from 500 high which is around 460 to 465 area.
Galvin
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Not sure about this I heard its mazrodi pumping, or its some other stock that btc is following. Thing is with so many stocks, you're bound to find a match. But not sure if that's the case. One thing is certain we were bound for a retracement from ATH. And for now it played out and we're in a downtrend, unless the bearline gets broken.
IvanLabrie
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Shanghai A shares and USDCNH is a logical connection.
Investors in China seem to be using BTC to move funds offshore.
No reason to doubt it for now.
The Mavrodi connection, it could be him bluffing but it wouldn't surprise me.
felt this coming