Bitcoin - merriment turns professional
Updated
I have recently written a few posts on Bitcoin. As an early adopter, I have been tracking the tech since early 2011, my work outside of trading is in technology (including Blockchain) So with a tech hat on - the last couple of weeks have shown a transition in the technology domain, more acceptance and more blockchain based projects. Almost like the rise in 2017.
However, with a pure trading hat on - It's now clear to see the transition from full out speculation, your friends talking Bitcoin in the pub, your family asking for advice on crypto, people you haven't had communication with for 20 years, reaching out to say they bought some. The "Bitcoin Instrument" is in the transition.
Institutional money has started to treat the coin & not the sector (yet) as any other investment tool. You can clearly see from the COT data, the patterns in the move and the respect of key value areas. The move from every man and his dog, owning major positions, 10,000 Pizza's - to now a tool for the big boys. Which means although we will of course have major impulsive moves. They are more likely to be controlled.
On the 28th of Feb, I drew out the next key value area. (also see older posts on the topic)
As of this morning, we can clearly see the respect of the level holding.
This combined with current COT "short/Long" positions will highlight even more the transition.
Comments on BITCOIN or/and Crypto in general...???
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
However, with a pure trading hat on - It's now clear to see the transition from full out speculation, your friends talking Bitcoin in the pub, your family asking for advice on crypto, people you haven't had communication with for 20 years, reaching out to say they bought some. The "Bitcoin Instrument" is in the transition.
Institutional money has started to treat the coin & not the sector (yet) as any other investment tool. You can clearly see from the COT data, the patterns in the move and the respect of key value areas. The move from every man and his dog, owning major positions, 10,000 Pizza's - to now a tool for the big boys. Which means although we will of course have major impulsive moves. They are more likely to be controlled.
On the 28th of Feb, I drew out the next key value area. (also see older posts on the topic)
As of this morning, we can clearly see the respect of the level holding.
This combined with current COT "short/Long" positions will highlight even more the transition.
Comments on BITCOIN or/and Crypto in general...???
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Trade closed: target reached
Happy with the short-term move - some signs of a dip back on the cards.
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