Crypto Winter hasn't even started! This chart will keep me short
I know I know....
A side note my strategy says short simply because when usdt.d rockets I am short everything else...
If you are a perma bull, you hate ne and will argue against all of this and for that I say ok!
For perma bulls, Look I get it nothing is set and stone and patterns fail all the time, so who knows maybe I am wrong...
I will say this, the inverse relationship works because most people are trading in and out of USDT, if that were to collapse or slowly fade in popularity I will say this chart becomes a moot point, but as of right now its relevant.
You can see this Bad boy of a cup and handle pattern has been marinating nicely since June. I don't like doing TA on C&H because they are rare and usually wrongly identified, A true cup and handle is at least 6 weeks in the making and the longer the time the more powerful it can become......
Scenario to watch for:
News over the last month has been aggressively getting worse for crypto, every once in a while something positive but you can see something really negative is brewing.
In recent weeks there has been more and more chatter about exchanges doing shady things. There is even well documented proof of shady liquidations. This is following a pattern of what was happening at FTX a few weeks leading into the final event of that CZ tweet!
I am not giving anyone financial advice, if you are long , good luck, I won't be unless something changes that is currently not known!
A side note my strategy says short simply because when usdt.d rockets I am short everything else...
If you are a perma bull, you hate ne and will argue against all of this and for that I say ok!
For perma bulls, Look I get it nothing is set and stone and patterns fail all the time, so who knows maybe I am wrong...
I will say this, the inverse relationship works because most people are trading in and out of USDT, if that were to collapse or slowly fade in popularity I will say this chart becomes a moot point, but as of right now its relevant.
You can see this Bad boy of a cup and handle pattern has been marinating nicely since June. I don't like doing TA on C&H because they are rare and usually wrongly identified, A true cup and handle is at least 6 weeks in the making and the longer the time the more powerful it can become......
Scenario to watch for:
News over the last month has been aggressively getting worse for crypto, every once in a while something positive but you can see something really negative is brewing.
In recent weeks there has been more and more chatter about exchanges doing shady things. There is even well documented proof of shady liquidations. This is following a pattern of what was happening at FTX a few weeks leading into the final event of that CZ tweet!
I am not giving anyone financial advice, if you are long , good luck, I won't be unless something changes that is currently not known!