ridethepig | BTC Market Commentary 2019.10.17
I stay vigilant for headlines emanating from Libra meetings. Risk and geopolitics will be in focus post the mass exodus. Position adjustments are now complete and as widely expected the infamous "Bakkt Floor" support held. Long positioning in BTC feels sufficient at current levels, hence we can re-focus on raising the bid.
The long-term macro chart is still firmly trading higher:
Optimism is returning, I remain sticking to the plan to buy BTC dips into $8,000. Focus on ETH following the gyrations into EOS /XRP and w/e news-flow. Recent shorts will be washed-out above $8,532 and this is the only level to watch to the topside for those looking to reinstate exposure.
Good luck all those on the buy side.