BTC/EUR is showing signs of weakness here. Price is breaking down from a rising parallel channel, while volume continues to decline, suggesting fading demand rather than healthy consolidation.
Momentum is also rolling over, with price failing to reclaim the 4H RSI 50, which is typically bearish in corrective or downtrend conditions.
On BTC/USD, Bitfinex longs continue to rise instead of rolling over, which is often a bearish contrarian signal. USD pairs are harder to interpret in isolation, however, as DXY has been falling sharply over the past week and may be masking underlying crypto weakness.
I am beginning to build short crypto exposure as a hedge against precious metals positions, which have been performing strongly.
Momentum is also rolling over, with price failing to reclaim the 4H RSI 50, which is typically bearish in corrective or downtrend conditions.
On BTC/USD, Bitfinex longs continue to rise instead of rolling over, which is often a bearish contrarian signal. USD pairs are harder to interpret in isolation, however, as DXY has been falling sharply over the past week and may be masking underlying crypto weakness.
I am beginning to build short crypto exposure as a hedge against precious metals positions, which have been performing strongly.
Trade active
Taking partial profit here. Closed 50% of short exposure.Since the prior post, BTC/USD has moved from ~89k to ~78k, with BTC/EUR sliding from ~76k to ~65k.
Trade closed: target reached
Target reached. Took full profit. Short trades closed.Note
I've ended up going short again as part of a pair of long gold short btc and long silver short eth trades. I intend to publish new trades for each of these, but I suppose I'll need to compose some text to accompany them first. The basic idea is to hold them until the end of the bear market in crypto, maybe around October 2026.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.