BTC plan
Updated
Btc plan
Note
Bitcoin has refused to budge past the 9100 and has dipped slightly to the 9080 area. The maximum upside for the nasdaq realistically is 2% and btc has not made a higher move despite indexes pumping higher. This suggests to me bitcoin is factoring in the indexes retreating down heavily. Therefore this idea in my opinion is not that relevant anymore. We had a small pump up but considering how bitcoin does not want to catch up, shorts are the better move, with downside targets 5-6kNote
Maximum upside as of right now is 9200-9300 zone which can be good place to add to shorts. There have been lots of stop hunts recently so best to keep loose stops with low lev till trend is more clearNote
Price in the 9200-9300 zone and we had a rejection candle near the trendline. A fake out to the 9400-9500 area can't be ruled out but its clear that bears are still in charge. The 9400-9500 scenario is likely if the nasdaq reaches 10.7-10.9k area. This pump we had was primarly index related, but btc reacted quite late. If bitcoin and nasdaq correlated more we should have been in the 11k area by now easily, but that is not the case, which proves bitcoin is still a rather indepedent asset. Recently however in Very strong downtrends (>10% down within a week or less ) it has shown correlation to index markets. In Uptrends however bitcoin has not much correlation to the stock market.
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