In my last article, I said that bitcoin was having a small dip but that it wasn't dead yet. The key take-away from that was that I said I was not short. It seems that was the right call. I didn't short because the volatility is too low. I would recommend everyone stay away from leveraged bets in this environment because your risk/reward is just not there anymore. Your upside is capped severely by low volatility.
Now that we are back near where I sold from, it's possible i will be buying back in soon. I also want to point out, I did not sell because I was bearish, I sold because that's what my strategy told me to do. Again, find a good strategy and stick with it. I do not make trades based on what I "think." I base decisions based on strategies that have worked well for me in the past and will work well in the future. Anyways, have a read of the article here:
That aside, I want to draw your attention to the moving averages. They are contracting close together, which is expected due to the low volatility, and the lower timeframes are not in very bearish posture. If I see a the 50 day MA have a slope of zero, I will interpret that as a bullish thing. The 100 day is flat, and so there could be a bullish cross there soon. If we break the 200 MA, all the better.
So far, what I said in the article remains true today. I will update in a comment if I buy back in.
Thanks for reading!
-YoungShkreli
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had a stop buy at 6660 and was filled.
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again, idea of this trade was not to accumulate bitcoin or make money, simply to minimize risk.
In the last few days I don't have any free time left, so the best I can do is to zoom out the whole trend. Well, the only thing I see since March this year is a GREAT accumulation circle, that should result in great explosion anytime soon (from 1 to 5 months from now). Still we have to wait and see its direction, but being good fan of fractals I'll bet my (crypto) all on going high, actually for new ATH.
RandyMcMillan
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SECCommission
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CantorTechnologies
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@oscargedroics, Yeah this is standard. Of course, I agree with it. We are indeed in a giant wedge and will break out in some direction. I am betting to the upside like you. Good chart.