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Noldo
Jun 7, 2020 12:07 PM

Bitcoin : I think it's a little early for Short !  

BITMEX:XBTUSD.P240
Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

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Hello.
I think that short position will not be brought to the agenda without ensuring permanence under the green trend line for Bitcoin.

Cryptocurrency Terminal :



Comment

Hashrate and Bitcoin Total Transactions data seem healthy.

In general, we can say that Blockchain data is above average.

We bring short positions to the agenda when a few bars below the green trend line are permanent.
Let's notify each other.
Regards.

Comment

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Hashrate and total transactions should drop a little more, if it is permanent in case of green trend line, it will be healthier to try short.

Comment

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Hashrate dropped but Bitcoin Cost Per Transaction Change is still positively strong.
So i still think it's early for short.

Comment

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Last 33 week Bitcoin fall and relative blockchain data change :



* Average Block Sİze is still relatively so high
* Hashrate Change is still relatively so high for Clear Short Position.

Comment

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Typo : Last 33 days

Comment

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Last 115 bars :


* Hashrate change needs to drop a little more.
* Bitcoin Cost Per Transaction must exceed 0 and be a strong value.

Miner Revenue has fallen about 50%, that's good for Short.
Trend AnalysisTrend LinesParallel ChannelCryptocurrencyBitcoin (Cryptocurrency)BTCUSDoverviewDATAblockchain
Comments
BingoMoney
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We might see a bit more down movement in the next couple candles to confirm that line but overall I believe you're right. The enthusiasm is there, and it's visible on the front lines too. There seems to still be a lot of healthy upwards movement, especially during the dip today.

Cheers
BingoMoney
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@BingoMoney, Frontlines referring to actively trading. Poor choice of terms to use on my part given the topic.

Bids seem to be ready to argue everytime we slow down for a second.

Looking forward to the next couple of days.
Noldo
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@BingoMoney, Thanks for those comments mate!
BingoMoney
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@Noldo, Pleasure! thanks for your insight.
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