Bitcoin is having a bit of a down day today. If you want to hedge/protect against or even profit from a drop in BTC, especially if you pair trade with BTC pair trading, then one of the best ways to do that without having to go short or margin trade BTC is by trading DGD/BTC.
As I've stated previously in my previous post about the inverse relationship of BTC/USD vs DGD/BTC (see related ideas link). There you can clearly see the inverse relationship between BTC/USD and DGD/BTC.
In case you've missed the initial flag/triangle breakout, DGD/BTC is now forming a bull flag. When BTC price drops again, then look for DGD/BTC to break out of the flag. For that to happen, BTC/USD has to break support which is around 10.850 (Coinbase) at the moment.
Please leave a comment if you have any questions.
And as always, good luck trading!
As I've stated previously in my previous post about the inverse relationship of BTC/USD vs DGD/BTC (see related ideas link). There you can clearly see the inverse relationship between BTC/USD and DGD/BTC.
In case you've missed the initial flag/triangle breakout, DGD/BTC is now forming a bull flag. When BTC price drops again, then look for DGD/BTC to break out of the flag. For that to happen, BTC/USD has to break support which is around 10.850 (Coinbase) at the moment.
Please leave a comment if you have any questions.
And as always, good luck trading!
