ridethepig | BTC Market Commentary 2019.10.17

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
The news grabber remains Brexit, but the Crypto reaction thus far has been relatively benign. Whilst BTC initially found support at the $8,000 low, the knock-on Crypto impact has been much more limited. The main other impacted cryptos in these flows will be ETH, EOS XRP and LTC....expecting all will post gains over the coming sessions as the risk haven flows start spilling over into the homes of Crypto.

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 bullish exposure.

Good luck all those on the buy side.

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