Based on the action the last 2 days, I'm actually feeling bullish on cryptos, lol. Cryptos have been tracking the market lately, especially on selloffs, so the dissociation with the market drop is bullish.
People will notice, several followers have already commented on it. As more people notice, they'll flock to crypto as the "safe haven" that crypto nerds always wanted them to be. Plus Trump is a crypto nerd too.
Personally, I think cryptos are just a bunch of worthless numbers, but then again I'll trade Pet Rocks and Beanie Babies if I thought I could make money on them. (Yeah, I'm old, lol) People don't seem to understand that you don't own any part of the technology, just a set of numbers generated by an algorithm. Regardless, still bullish short term.
Also, 3hr indicators sort of work on BTC, you can see 3hr MFI went oversold and BTC bounced.
People will notice, several followers have already commented on it. As more people notice, they'll flock to crypto as the "safe haven" that crypto nerds always wanted them to be. Plus Trump is a crypto nerd too.
Personally, I think cryptos are just a bunch of worthless numbers, but then again I'll trade Pet Rocks and Beanie Babies if I thought I could make money on them. (Yeah, I'm old, lol) People don't seem to understand that you don't own any part of the technology, just a set of numbers generated by an algorithm. Regardless, still bullish short term.
Also, 3hr indicators sort of work on BTC, you can see 3hr MFI went oversold and BTC bounced.
Note
.... AND IT TOOK A SHIT, lol. Happens every time I say anything good about cryptos. The fact that they would tank in on a SUnday makes investing in crypto pretty sketchy. It also leaves a rather large gap in BTC futures, but then again index futures now have 2 unfilled gaps as well.
Note
There is something to be said about being the lone survivor in a sector, all other cryptos are at or near "Crypto Winter" level. If BTC goes down any more, that means every alt coin will crash.If you believe that's gonna happen, then the play would be to short COIN because they won't have any customers. BTC can be bought through futures or ETF or RObinhood, lol. (I have a Robinhood account.)
Note
If you like speculative plays, gold makes way more sense than BTC right now. I think BTC will go up eventually when all of the altcoins die one by one. But gold for now.
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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.