This is a swing trade idea, not a long term trade. Under the green line we have wholesale prices, and above we have retail prices. For the next few weeks, maybe a month, we should see a pullback in crypto as roughly 85% of buyers in the past year have losses. Perhaps before all the latest news behind the fed rate hikes and war broke out, most of these losses were unrealized and only some had capitulated, however we've seen a decent amount of liquidations and further panic, and it might be a good time to go long as RR looks to the upside here. Longer term averages are DECLINING and bigger timeframes are hinting caution, hence we should consider the red and orange average as resistance lines and NOT support lines until we see how the action plays out and what the rest of the market and news looks like during the next few weeks or months.
This has already played out or begun to play out in some altcoins, which have been a decent leading indicator lately.
Consider under 32k/30k invalidation.
Thanks for reading.
Good luck and hedge your bets!
This has already played out or begun to play out in some altcoins, which have been a decent leading indicator lately.
Consider under 32k/30k invalidation.
Thanks for reading.
Good luck and hedge your bets!
Comment:
Check my other DXY idea for confluence:
Comment:
Note: The labels in the chart above are backwards so I posted a follow up in the idea :)
Comment:
Closed profit at 42-46k until things cool down.