While I don't think there will be a -50% Covid-19 style shock-and-awe dump of a lifetime on Sunday night,right before a US national holiday, I am pointing out that Bitcoin is in a very similar posture and a deep dive can't be ruled out. My account is hedged accordingly.
When I'm not confident in what the market is doing I tend to just watch. Before the dump from
12K I was skeptical that it was going to continue up, so I sat out and watched. Well, it dumped and there is now a defined range between $9.1K to 10.9K. I'm not shorting until there is a break of the 12H support at $10,150 and there could be a bear test bounce back to 10.6K or even $10.9k before this continues down.
The stock market looks like it put in a top for 2020, or at least it appears to be very close to a top. Nasdaq, S&P500 and FANG/TESLA had a pretty devastating close. Bitcoin seems to be run by the same institutional algorithms as equities. So, if the stock market continues down I expect crypto to follow or even lead the plunge as the higher risk assets tend to get liquidated first. There is no hedge is a global crisis.
If Bitcoin can hold the $9.1 to 9.3k level for a few days and grind its way back up the rising channel, I think this can recover and eventually head up to the 13 and 14ks, but I just don't see that happening for weeks or months. Could the US Federal Reserve Bank do something magical to prop up equities until November, maybe. We'll see.
Note that $9.3k is the volume point of control in the volume profile (search "visible range" in indicators. I actually think there will be a wick down to $8950 and then support could be established at $9.3-9.5K and crawl back up. That level could also get melted, so exercise caution.
***not financial advise
When I'm not confident in what the market is doing I tend to just watch. Before the dump from
12K I was skeptical that it was going to continue up, so I sat out and watched. Well, it dumped and there is now a defined range between $9.1K to 10.9K. I'm not shorting until there is a break of the 12H support at $10,150 and there could be a bear test bounce back to 10.6K or even $10.9k before this continues down. The stock market looks like it put in a top for 2020, or at least it appears to be very close to a top. Nasdaq, S&P500 and FANG/TESLA had a pretty devastating close. Bitcoin seems to be run by the same institutional algorithms as equities. So, if the stock market continues down I expect crypto to follow or even lead the plunge as the higher risk assets tend to get liquidated first. There is no hedge is a global crisis.
If Bitcoin can hold the $9.1 to 9.3k level for a few days and grind its way back up the rising channel, I think this can recover and eventually head up to the 13 and 14ks, but I just don't see that happening for weeks or months. Could the US Federal Reserve Bank do something magical to prop up equities until November, maybe. We'll see.
Note that $9.3k is the volume point of control in the volume profile (search "visible range" in indicators. I actually think there will be a wick down to $8950 and then support could be established at $9.3-9.5K and crawl back up. That level could also get melted, so exercise caution.
***not financial advise
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.