Global Position of BTC Midst COVID19 Chaos and Coronavirus Panic

jollygreen Pro+ Updated   
KRAKEN:BTCUSD   Bitcoin / U.S. Dollar
Hi all,

It has been a crazy week with a lot of volatility . We've been seeing 4-5% moves in BTC every few hours. I hope you've been using your oscillators to identify the whip points and profit on the shorter time frames.

I've been loving this shorter time frame chart setup using 5 minute, 15 minute, 45 minute, and 120 minute time frames.
I have it setup where each of the four windows are around 1/2 the range of the next largest time frame:
- Then all I need to do is watch lower high RSIs, MACD divergence, and STOCH tops at across the different charts to see which way the short term trend turns. Quite helpful!
Learn more about setting up your own multi-screen trading system and the indicators used here:

As far as global perspective for BTC , we are near the bottom support of the consolidating triangle. It is worrisome that we got here so fast and there is potential to fall out of the triangle. I am waiting for the next big move down from this current dead cat bounce movement up. With COVID-19 cases climbing and the global markets tanking, I don't think there will be much support for a rally at this point.

If hodlers panic and need cash flow (unemployment is rising constantly), we could see an even more powerful movement down as they liquid their holdings. The growing impact of coronavirus also leads me to believe that this situation will have a lasting impact of many months. There is no short term resolution, and vaccines will take up to 12-18 months to develop leading to higher incidence rates in the near future. This could lead us to new market lows in the $3-4K range longer term until hope rises. Fill your alt bags then!

Target sub $5K until we hear positive news about the global coronavirus condition and market improvement.

Short with leverage.

Happy trading!

P.S. Please like and follow! I rarely post, and only post the most valuable positions when I do! You don't want to miss them!

I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
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