MatTheCat

BTC Short Coming Close to Setting Up. Note* NOT YET OVEN READY!

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Take note. This BTC short idea has not yet confirmed. Entering it prior to full confirmation across the 3 metrics I am looking at here, would be very silly.

Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is currently in a bear flag .

With US equities 'waterfalling' down to their next logical support levels (Dow @ ~ $18K), it is likely that Bitcoin will follow. Bitcoin is not a Safe Haven asset, it is one of the most speculative high risk assets around. If everyone is frightened and broke cos there is a huge recession on, then the Market Makers can no longer feed on the public, by luring them into a FOMO ramp. They therefore have to feed on the retail and/or semi pro traders out there, many of whom think $3K is the bottom.......My thesis is that all these retailers and semi-pros are going to pressured into capitulation, with a litte trip down into sub $3K territory.

High risk trade.

Stops must be placed and observed

and again, don't even think about entering until all the confirmations are in place.....
Order cancelled: Trade parameters did not trigger. Looks like it will be some time before any short opportunity presents itself, and I personally still wouldn't have any reasons to go long in BTC.

Comment:

Comments

Looks juicy!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out