BTC about to move
At this time I do have a short position leverage and a long term not leveraged. I would like to create the case of the Short leverage case.
News
Well nothing really, but you know I always talk about GrayScale which maybe buy some for your Roth. Well according to Fintel Ark has a total of over 2million shares. This is very good for long term investors of Bitcoin.
My reason of my short
I still believe its too early to go long and second mortgage the house due to the fact that this level hasn't been broken multiple times in the past about over 8 times (4hr chart). After the bubble popped and during the run up too 14k after the bottom.
-We are sitting at an overbought zone and MACD is sitting at highs, which usually means downturn.
-The Fear and Greed index is sitting on Greed/Overly Greedy. This means people to them are just dumping money into Bitcoin to see the price rise without fear of a pullback.
-Gold open up at its strange wick as most of the market did last week, yet Bitcoin is about 1.07% above Gold. Along with CME creating a gap of just over 260 dollars.
-Target to see if we will go to the 10.6k levels will be 11225-11105. I know its a large gap, but I would pick 11191-11148, since many people don't believe in wicks as a trading tool yet I use them.
Bullcase
-Now long term believer in BTC the bullcase is simple and will justify the F&G (Fear and Greed). The fed came out that they don't mind inflation for now until we recover from Covid. This makes many long term believers in BTC as the asset, the best hedge against the USD inflation.
-Target to watch out for is very close 11821. This will be an entry if we are in a descending wedge pattern.
Final thoughts
This could be a second round to build a Short position and many believe it is very possible to go as low as 10077 and not under 10k. Many traders are trying to figure out are we going to leg up first before the down turn or leg down then moon. Too me the case is bearish short term, yet with political unrest in US politics we will see how the market opens in 9hrs, where we can see the outcome of TESLA and APPLE after the stock split, which could cause market downturn and have a bloody Monday.
Overall this TA is Neutral until the levels are hit
Bull: 11821
Bear: 11225-11105
News
Well nothing really, but you know I always talk about GrayScale which maybe buy some for your Roth. Well according to Fintel Ark has a total of over 2million shares. This is very good for long term investors of Bitcoin.
My reason of my short
I still believe its too early to go long and second mortgage the house due to the fact that this level hasn't been broken multiple times in the past about over 8 times (4hr chart). After the bubble popped and during the run up too 14k after the bottom.
-We are sitting at an overbought zone and MACD is sitting at highs, which usually means downturn.
-The Fear and Greed index is sitting on Greed/Overly Greedy. This means people to them are just dumping money into Bitcoin to see the price rise without fear of a pullback.
-Gold open up at its strange wick as most of the market did last week, yet Bitcoin is about 1.07% above Gold. Along with CME creating a gap of just over 260 dollars.
-Target to see if we will go to the 10.6k levels will be 11225-11105. I know its a large gap, but I would pick 11191-11148, since many people don't believe in wicks as a trading tool yet I use them.
Bullcase
-Now long term believer in BTC the bullcase is simple and will justify the F&G (Fear and Greed). The fed came out that they don't mind inflation for now until we recover from Covid. This makes many long term believers in BTC as the asset, the best hedge against the USD inflation.
-Target to watch out for is very close 11821. This will be an entry if we are in a descending wedge pattern.
Final thoughts
This could be a second round to build a Short position and many believe it is very possible to go as low as 10077 and not under 10k. Many traders are trying to figure out are we going to leg up first before the down turn or leg down then moon. Too me the case is bearish short term, yet with political unrest in US politics we will see how the market opens in 9hrs, where we can see the outcome of TESLA and APPLE after the stock split, which could cause market downturn and have a bloody Monday.
Overall this TA is Neutral until the levels are hit
Bull: 11821
Bear: 11225-11105
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