Hello friends. We were bearish on Bitcoin, and the prices went down just like we expected. But now we are getting much more bullish.
The open interest has fallen dramatically into this decline. Just the past 4 hour candle bled off nearly 5% of all positions. This can be a good sign that we're about to see a reversal back to the upside.
You can also look at the volume profile and you will see that there is a monumental amount of support for Bitcoin below the price. It would be very very hard for the bears to just waltz through these levels.
There will be a LOT of fun events this week. It might simply be the single most interesting week in the markets for this entire quarter. Maybe for the entire year. This will introduce an element of randomness, but we can deal with that by using a very tight stop loss right before these big announcements come around. The most important one is July 28th at exactly 08:30 AM. We need to be watching the market since this will be the time where we learn if there's really a recession or not. The current odds are at 78% for a recession, which is more bearish than bullish. But it also means that if we DON'T see a recession, prices could shoot through the roof for risk assets like Bitcoin.
According to Maren on Twitter, we could see something bad on August 1st due to the menacing appearence of the astral chart on this day. That's going to be the longest we would hold onto the long position.
Thanks for playing.
The open interest has fallen dramatically into this decline. Just the past 4 hour candle bled off nearly 5% of all positions. This can be a good sign that we're about to see a reversal back to the upside.
You can also look at the volume profile and you will see that there is a monumental amount of support for Bitcoin below the price. It would be very very hard for the bears to just waltz through these levels.
There will be a LOT of fun events this week. It might simply be the single most interesting week in the markets for this entire quarter. Maybe for the entire year. This will introduce an element of randomness, but we can deal with that by using a very tight stop loss right before these big announcements come around. The most important one is July 28th at exactly 08:30 AM. We need to be watching the market since this will be the time where we learn if there's really a recession or not. The current odds are at 78% for a recession, which is more bearish than bullish. But it also means that if we DON'T see a recession, prices could shoot through the roof for risk assets like Bitcoin.
According to Maren on Twitter, we could see something bad on August 1st due to the menacing appearence of the astral chart on this day. That's going to be the longest we would hold onto the long position.
Thanks for playing.
Comment:
BTC long closed @ $22,640.0 PnL of +$1,540.00
Trade closed manually