Bitcoin going into Cardiac Arrest
Here we have yet again another short chart, and with that being said a minimalistic appearance as quite often, the billions of indicators and graphics traders use to make a chart look fancy, distracts away from what lies beneath.
To be concise, and re-iterate, if you are a high frequency trader or scalper then you can be bullish and bearish many times throughout the day, as per the quantity of trades made. I publish this chart not seeking to identify potential minor swings, but rather the bigger movement so as to form a consensus of market direction.
That direction is still pointing south, irrespective if btc decides to visit the north pole temporarily, the price action is still indicative of a short.
Time frame will inform your position, but equally, traditional market movement should be factored in as we see high correlation with SPX500. Will the fed continue to print more money? Or will it conform to the technicals giving a very strong sell signal, as well as a double top. Either way; even if btc has some upside, it is not in the best interest of risk to reward ratio risking a minor swing. And i say this with reference to a published chart I created over a month ago
'The Big Short'
NOTE: I am lazy with respect to explaining why I believe this to be a short as I feel traders should scrutinise with their own level of ability, as oppose to being told a bias summary which consists of explaining about all the indicators used, and why they are guranteed to be right.
I will disclose one thing; check in with premiums for gbtc, audit open interest on futures and correlate this with volume currently, and historically. You will see an emerging agenda, I assure you.
Safe trading.
To be concise, and re-iterate, if you are a high frequency trader or scalper then you can be bullish and bearish many times throughout the day, as per the quantity of trades made. I publish this chart not seeking to identify potential minor swings, but rather the bigger movement so as to form a consensus of market direction.
That direction is still pointing south, irrespective if btc decides to visit the north pole temporarily, the price action is still indicative of a short.
Time frame will inform your position, but equally, traditional market movement should be factored in as we see high correlation with SPX500. Will the fed continue to print more money? Or will it conform to the technicals giving a very strong sell signal, as well as a double top. Either way; even if btc has some upside, it is not in the best interest of risk to reward ratio risking a minor swing. And i say this with reference to a published chart I created over a month ago
'The Big Short'
NOTE: I am lazy with respect to explaining why I believe this to be a short as I feel traders should scrutinise with their own level of ability, as oppose to being told a bias summary which consists of explaining about all the indicators used, and why they are guranteed to be right.
I will disclose one thing; check in with premiums for gbtc, audit open interest on futures and correlate this with volume currently, and historically. You will see an emerging agenda, I assure you.
Safe trading.
Comment:
trdr.io/snapshot/7AE25B1C8E6F0EE2.png