If this stays down during next week, a weekly decline can trigger in $BTCUSD, sending #Bitcoin down towards the 14k region, where the next weekly support level sits.
I'm short Bitcoin and Ethereum here, which works well as a hedge for my stocks portfolio, and might generate some uncorrelated returns as well. You can likely short both vs the dollar, but also take a look at the $ETHBTC chart I published, if that trend reverses there, as per the daily, there's nice room to fall in the ratio, which might be an attractive play as well.
I'm thinking we will see a continued decline in crypto, but equities might hold up better overall, although likely under pressure, and sideways as the best case scenario for $SPY.
Stay safe out there,
Cheers.
Ivan Labrie.
I'm short Bitcoin and Ethereum here, which works well as a hedge for my stocks portfolio, and might generate some uncorrelated returns as well. You can likely short both vs the dollar, but also take a look at the $ETHBTC chart I published, if that trend reverses there, as per the daily, there's nice room to fall in the ratio, which might be an attractive play as well.
I'm thinking we will see a continued decline in crypto, but equities might hold up better overall, although likely under pressure, and sideways as the best case scenario for $SPY.
Stay safe out there,
Cheers.
Ivan Labrie.
Comment:
Maybe the 2018 style '6k obvious bottom everyone thought was a bottom' repeat?...
Trade active:
Once again net short $BTCUSD:
Have longs in $ETHBTC as well.
Trade closed manually:
I am long $EHBTC, flat $BTCUSD itself...I suspect it will be range bound until November...
Waiting on the sidelines, noticed 1h had flashed an uptrend earlier today so I got out, but looking forward to fading this rebound if a weekly signal confirms on close...