Initially we caught upside from the very bottom but ended up underperforming since we moved to ETH instead of holding 100% BTC , causing my trading signals group to underperform holding BTC spot for the first time in many years. This situation might reverse going forward, since I'm confident in the ability of the methodology I learned from my mentor, Tim West, and my experience in this market to help navigate the waves in crypto markets profitably.
I did correctly identify the in $ETHBTC after it was confirmed and it has moved down since. It will continue to move lower, I wouldn't reccomend holding on to any altcoin, and at this point not even $BTCUSD is safe for investors.
Best of luck,
I'm long spot only, no leverage for now.
Price action is still weak, I will wait for clear strength to manifest itself, it will take time before any serious buyer uses Bakkt, no reason for the market to go up from here, weekly trend still active, and there's both time and possible downside left...
Let's wait and see.
Resistance between 8877 and 9448 might be tested next. Monthly gives bulls reassurance, since price didn't break down enough to be worrying, and biweekly remains positive as well. Daily made a new low but turned up, forming an outside bar, which is potentially a good start for a bullish move here. I'm long from 7966, after covering my hedge. I would see if we need to hedge again higher, but time will tell...
My clients will get the minute to minute updates, and positioning reccomendations first, only posting general updates here.
Cyan guess is probably invalid by now.
I'm hedged from 8340 roughly, was back in the long from 7950 recently. So far, market remained sideways, so we could trade in and out a couple times to increase the BTC count, but there's no opportunity to take bigger risks than trying to maintain USD value intact until it's clear the sell pressure receded.
If prices break over last week's high this week, the bullish scenario would become more probable and could warrant taking a long position on margin with a tight stop.
The White Energy in the 2-Day TF is nearing exhaustion. I'm of the opinion we continue with downward pressure till between maybe October 7th and 9th. It's possible we could continue with downward pressure until October 11th or 12th "IF" the White Energy in the 2-Day TF does not reach the 50% level until October 9th. Further explanation in the video.
Cash not a bad place to be right now. However, this will LIKELY be the last stint of downward pressure we will see in the Daily (24h) TF before we FINALLY reverse to SUSTAINED upward pressure by no later than October 6th or October 7th in my opinion.