ridethepig | BTC Market Commentary 2019.10.21
A broad range is now well established. Maybe the Brexit vote tomorrow can induce a break, but it will need to be a surprise outcome. General bias to fade dips towards the bottom of the range, expecting the current lows (infamous Bakkt floor) at 7,688 to hold:
For the less imminent long-term chart, I am unable to make any meaningful case for direction south, insulted from strong demand and episodes of BTC receiving inflows via risk-negativity:
The trimming of stale longs continues and I continue to believe that the right trade here is buying into $8,000, suiting my broader risk outlook and the notion that any further by the Fed (likely a done deal in my view) will be taken impulsively by the Crypto market:
Trading this view can be difficult of late as there is a lot of chop, keep risk light and try to be agile. As a bull I hope that support will hold. Feel free to jump in with your comments and charts to open the discussions for all to benefit from.
"Well sir. I'm little more bearish then you on BTC last move was nice and all but it was triggered by binance pump . And followed by Mex pump . Im calling 7700 as my target and have many shorts open . Unfinished Auctions never fail . This is straight up market manipulation and is design to dump on retail . I believe that its orchestrated by BitMain the largest mining equipment company in order to push new product out . They ware the one behind 4K pump and put market on rally . With they unloaded old mining rigs to the retail . And replacing them with new once instantly that are 4 times more profitable . They already have new line in production for their own use and its even better than S17 witch are currently top of the line . S17 will be trash in less than a 6 months or so . For North america and most of Europe BTC needs to stay above 6K to be profitable with current energy price . China and Russia can go as low as 3-4K and still be in business . Im sticking to my guns and target is 7700 and that would be minimal pull back it can go even lower but you never know . All I know is that Unfinished auction needs to be finished ...."