#BTCUSD: Bear market still ongoing...
Updated
The daily trend had a bullish signal which I sadly overlooked and missed the move here, I still sit in cash, luckily I did cover my shorts near the very bottom. There is an interesting scenario setting up, everyone is once again complacent and bullish to the extreme, people are trading JPGs for millions, no one gives a damn about regulatory risks and everyone is back to believing in the Super Cycle nonsense. The daily chart suggests we could short under a daily low, specially after August 10th, when the current uptrend signal expires. Risk a move into new highs after that happens, and ride the next leg down with some luck.
Cheers,
Ivan Labrie.
Cheers,
Ivan Labrie.
Trade active
Trade closed: stop reached
This will top very soon, just not right now.Note
Note
RgExp down day in 
BTCUSDs3.amazonaws.com/tradingview/snapshots/z/ZehYrqcl.png
reacted to a big OTC level from the Feb distribution pattern area
someone bot big in that area, and seems to be getting out at break even here (perhaps they rebalanced and added on the way down, these were institutional buyers)
s3.amazonaws.com/tradingview/snapshots/z/ZehYrqcl.png
Check out how amazingly well those levels defined the trading range here...
(thick pinkish red lines, labeled 'OTC')
A few alts are flashing reversal signals, might have peaked here.
🔒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.