Directional Correlation with Traditional Markets + Manipulation?
I am happy to see Bitcoin look bullish. Although a little disappointed to take some losses trying to catch flying knives.
What bothers me about Bitcoin is the correlation with traditional markets. To trade this market, it seems like it would be better to trade Bitcoin based off the S&P chart.
I feel like there is something wrong with this constant flow of large orders during this move. Some of the weird behavior I noticed during this entire run. There is a constant flow of 100-250k orders since this move started. The orders are triggered from Bitmix and Binance, then the other exchanges follow. I am seeing several of these orders every second each directional movement on S&P. When S&P cools down, the constant orders stop. But once S&P starts moving again, the orders start up again. Its as if there is some kind of F%#&ed up bot triggering large orders based on traditional market movements. There were a few reaction/liquid zones I marked as potential "Short" entries and none of them caused much resistance to this Bitcoin move.
Its as if Arthur Hayes & CZ are doing some sort of tag team manipulation to increase the value of Bitcoin. And funny enough, this is the most recent tweet from Arthur Hayes, "This is what happens with #bitcoin teams up with stonks. Thank you Chairman Powell. You keep hope alive!"
At one point or another, it seems logical for a significant pullback. But as long as S&P continues to rise and have the Fed backing the US markets as a whole, I will just take longs.
Thanks for taking the time to read this idea.
If you found it interesting, please support my efforts by leaving your feedback or questions below and upvote this chart.
Cheers!
These ideas are not financial advice.
What bothers me about Bitcoin is the correlation with traditional markets. To trade this market, it seems like it would be better to trade Bitcoin based off the S&P chart.
I feel like there is something wrong with this constant flow of large orders during this move. Some of the weird behavior I noticed during this entire run. There is a constant flow of 100-250k orders since this move started. The orders are triggered from Bitmix and Binance, then the other exchanges follow. I am seeing several of these orders every second each directional movement on S&P. When S&P cools down, the constant orders stop. But once S&P starts moving again, the orders start up again. Its as if there is some kind of F%#&ed up bot triggering large orders based on traditional market movements. There were a few reaction/liquid zones I marked as potential "Short" entries and none of them caused much resistance to this Bitcoin move.
Its as if Arthur Hayes & CZ are doing some sort of tag team manipulation to increase the value of Bitcoin. And funny enough, this is the most recent tweet from Arthur Hayes, "This is what happens with #bitcoin teams up with stonks. Thank you Chairman Powell. You keep hope alive!"
At one point or another, it seems logical for a significant pullback. But as long as S&P continues to rise and have the Fed backing the US markets as a whole, I will just take longs.
Thanks for taking the time to read this idea.
If you found it interesting, please support my efforts by leaving your feedback or questions below and upvote this chart.
Cheers!
These ideas are not financial advice.
Comment:
H&S on the 15M chart with a measure move which coincides to a similar level of my target.
🧑💻| Founder @blackswanforex
📈| Smart Money Trading
🔗| Link below for my Youtube and Telegram group where I post trading ideas 👇👇👇
📈| Smart Money Trading
🔗| Link below for my Youtube and Telegram group where I post trading ideas 👇👇👇
From the fundamental point of view, what I could see, a lot of earnings reports are coming out that are optimistically reported as they are above estimates but overall still down.
This may give Bitcoin some room to finally retrace some of those gains. My target is around 8k.