BTC is still in a down trend... but for how long?
Updated
There are positive signs for a trend reversal but I think the most likely scenario is BTC trades between 9000-7800 for the foreseeable future with no real direction, possibly a capitulation wick down to the 5000 mark.
It is worth nothing the many hedge funds have will only invest in products above a $100,000,000 valuation which is $5887 per BTC (100,000,000,000/16,986,500) at the moment.
The Bitfinex Longs / Shorts are pretty much identical.
The BTC OTC market is booming so I still see BTC smashing ATH within a year but a few months of consolidation would form a better base for this run in addition to hurting people without patience in this high leverage trading environment. I think ALTS will be a better play in the Crypto market for the next few months.
It is worth nothing the many hedge funds have will only invest in products above a $100,000,000 valuation which is $5887 per BTC (100,000,000,000/16,986,500) at the moment.
The Bitfinex Longs / Shorts are pretty much identical.
The BTC OTC market is booming so I still see BTC smashing ATH within a year but a few months of consolidation would form a better base for this run in addition to hurting people without patience in this high leverage trading environment. I think ALTS will be a better play in the Crypto market for the next few months.
Trade active
Opened a short at 9040 average as a hedge.Note
Update: Looking at the monthly close and the daily The bear market looks to have slowed and now I am hoping for some consolidation between 9240 -8200. In my opinion this would be very healthy in the long term. I still have my short open (Only 5x) as a hedge and I am mostly in fiat / alts.
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