ridethepig | BTC Market Commentary 2020.08.04

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
The control belongs to buyers no matter whether it is your bias to fade this move or continue riding the pig.

It is Buyer's move and they are playing to damage their opposition with much effect. The capitulation from sellers here will be brutal as we start to see the liquidity trap. The buyers are rushing to capture an appropriate amount of safety and scarcity in BTC , perfectly reasonable behaviour when we are at this stage in the cycle and with confidence in public assets diminishing. It is not only the case with BTC , but also with other Crypto majors that the flows are coming.

Bitcoin is really starting to trade well even with Equities starting to look heavy. Flows are clearly leveraged dollar selling and also real money parking for the MT and LT . The moves will get sharper after the breakout on the log chart feels like we could easily continue to $13,000 in the short-term.

As usual thanks for keeping the feedback coming πŸ‘ or πŸ‘Ž
Comment: A quick chart update here:

Trade closed: target reached: $12,100 TP1 Hit!
Comment: A timely update to the previous BTC chart:


Nicely laid out and explanation. TY & Trade safe
+1 Reply
ridethepig ElementalB
@ElementalB, thanks and all the best!
So nice to ride the Pig
+1 Reply
I am also watching the line at 11,500 for a breakout. The part that has me mixed is if the price falls back below 10,800 is it headed for 5k again as seems to be a popular idea (or even 950 as one modeler predicted!)? My macroeconomic intuition says this should act like gold and be a safe haven against inflation caused by the massive printing by central governments and it should be rising steadily for the next year, but BTC seems to be trending more along the line of equities than gold lately.
+1 Reply
wrong again. stop using EWT
ridethepig XYZ-Trader-
??? @XYZ-Trader-, targets all cleared at $12,100
still long? Target 13k?
I agree with you.
thank you for sharing.

i made this Idea on Jul 28 and in halving 2020 too
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