BTCUSD: Trend is up in the long term, but fundamentals are risky
I'm watching weekly CCI here. Maybe we go into a triangle here, until the risks are out of the way.
This is what I see as most probable. Not a huge drop, like most think, but it can also happen.
For that reason, to prevent losing my huge profits I got in the past two years, I have reduced my position to 20%, which I never sell. I also hold 20% in ETH spot.
I am hedged via a margin position too, and waiting to exit the hedge and look to trade BTC once the dust settles.
For now, take a break gents, relax, watch oversold readings in CCI in the weekly. Don't oversize trades, don't use leverage if possible. It's a two edged blade.
If we don't hold support at 880-920, we could see a significant decline back to lower support levels. I don't it'll happen, but better be prepared in case it does (here's when the margin positions help with hedging our risk).
Good luck,
Ivan Labrie.
This is what I see as most probable. Not a huge drop, like most think, but it can also happen.
For that reason, to prevent losing my huge profits I got in the past two years, I have reduced my position to 20%, which I never sell. I also hold 20% in ETH spot.
I am hedged via a margin position too, and waiting to exit the hedge and look to trade BTC once the dust settles.
For now, take a break gents, relax, watch oversold readings in CCI in the weekly. Don't oversize trades, don't use leverage if possible. It's a two edged blade.
If we don't hold support at 880-920, we could see a significant decline back to lower support levels. I don't it'll happen, but better be prepared in case it does (here's when the margin positions help with hedging our risk).
Good luck,
Ivan Labrie.
Comment:
Exactly as expected, a bit more downside, and then up again. Market is sideways for the most part.
Comment:
This resulted in a more extreme rally, but we can now get some kind of correction or consolidation for up to 13 weeks.
