Mike_McCarthy

BTC/USD 1/24/2021 11:05 (DEMO)

Long
BITBAY:BTCUSD   None
BTC /USD 1/24/2021 11:05
CRYPTO WEEKENDS
Fundamental/Sentimental
Cot: COT Data has some correlation with BTC but not much, but it still begs the question, where do Whales come from? The banks?
No, unfortunately we cannot rely on COT data for the most part, even banks cannot predict BTC according to the correlation between price and fund positions as right now banks have just taken longs, a little too late, as they were slaughtered before taking shorts.
News and Events: Secretary of Treasury Yellen has openly announced she encouraged BTC and will likely encourage policies to help the cryptocurrencies in the future. This can bring some optimism to the market, which is precisely what the Whales need to crash the market and eat everyone's longs.
Technical
Time Frame Analysis: Monthly: Given that this environment is extremely volatile, the monthly will not help, buyers come and go too fast. Market seems optimistic still however. Weekly: Although suspiciously volatile, long wicks to the downside indicate sellers are trying to penetrate into the market, but have managed minimal effects, indicating buyers are still hanging very strong, and especially now that price has gone done, they can regain more buyers, along with the completion of a fibonacci, a new fibonacci retracement . Daily: Given there are structural levels, more possible and stronger fib levels, 25,000 seems like it would be magnetically attractive to price action, especially since buyers have had an over extended period of green. 4H: What a mess.
1H: Incoherent.
Indicators: RSI used during
Entry
Order: None
Position: None
RR: None

No entries were taken, I do not believe gambling is an effective vehicle for profits.