BTCCNY: Bitcoin's following stocks
Updated
I expect to see a bit more of a selloff in BTCCNY.
The options expirations we had on Friday/Saturday implies no downside protection, and clearly the market already started to react to the record amount of puts that expire in the 1800-1900 region for the S&P500.
BTCCNY has been following the stocks' direction since July 2015, which is interesting, and comes right after the LTC 'pump' and the suspicion that chinese investors were using BTC as a means to escape regulatory controls and move money offshore. Price action justifies this line of thought, clearly.
This decline is a retracement in a larger monthly uptrend. You can check the related ideas for my larger picture view of the rally and targets, and also check out the signal I gave to my group today below:
Contact me if interested in getting timely alerts for all the BTC trade setups that we cover.
Cheers,
Ivan Labrie.
The options expirations we had on Friday/Saturday implies no downside protection, and clearly the market already started to react to the record amount of puts that expire in the 1800-1900 region for the S&P500.
BTCCNY has been following the stocks' direction since July 2015, which is interesting, and comes right after the LTC 'pump' and the suspicion that chinese investors were using BTC as a means to escape regulatory controls and move money offshore. Price action justifies this line of thought, clearly.
This decline is a retracement in a larger monthly uptrend. You can check the related ideas for my larger picture view of the rally and targets, and also check out the signal I gave to my group today below:
Contact me if interested in getting timely alerts for all the BTC trade setups that we cover.
Cheers,
Ivan Labrie.
Note
2 minutes for NY stock market open.Note
Nevermind, I always get confused when time changes...1 hour left.Note
Retracement in S&P500 and XGY0.BTCCNY still bearish.
Will be interesting to see how this evolves.
I covered my S&P500 shorts today, didn't like how 2000 held.
Note
And I was right about fearing upside in equities...and thus btc.Note
Managed to squeeze 1.26R win out of the short in BTC. Now waiting since price is in a huge triangle.Note
Is BTC leading stocks here?Note
Looks like Shanghai is going up, and with it goes BTC.Note
So...Trade closed: target reached
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.