This land is mine - says BTC
Updated
As you may have seen in several of the last posts, I have been focused on the connections between cross pairs and instruments. My main trading is mostly FX, but with a lot of interest in the crypto space I have been adding some content on this and running commentary on the BTC drops recently.
It's amazing to see professional money enter the market, but what most people don't understand is, that it's not "pro money in = price up" there's a lot more to it.
So firstly; go and check out the last couple of crypto posts.
The second point is - there's something interesting here.
Now think, if we can see it - who is going to be attracted to this point? Then of course we have the 50k "round number" all retail games of the mind.
I have been asked several times recently, about the correlation of other coins. Quite frankly, BTC is only now becoming institutionalized. ETH will come but it's not there 100% yet (neither is bitcoin YET) - But look at what happens with a chart overlay on ETH over BTC.
Then on the strength indicator - we can see a slight blip on ETH but not XRP or BTC. You need to keep in mind that there is a lot of hype in the market so a blip here and there is to be expected.
The daily Quadratics show we are still in negative territory on a daily and the rise in the ATR would also suggest a gain in momentum. COT data tonight will paint another clearer picture of next week's bias.
Then we can look out to the weekly; we are positive in terms of bias (look back at the Elliott post) showing this as a weekly pullback and not an overall down move.
Why XRP - what about XRP? Well XRP has now over 300 institutional clients and an actual real use case. Although BTC is a store of value, the fees make it hard for any real adoption. Whilst Ripple allows more complex transactions (think wealth manager tasks) in fractions of seconds. This is a strong case for XRP as long as they clear the next SEC/Congress situation. Until then BTC will stay dominant.
We will be covering some of this on Monday in a stream on TradinvView with my good friend Paul_Varcoe who will be hosting the stream. Hopefully, a time will be released later today.
Overall bias "LONG" crypto but short term - clear as day we are in a messy (3) - (4) move down on BTC which currently drives everything else.
Have a great weekend all!
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.
It's amazing to see professional money enter the market, but what most people don't understand is, that it's not "pro money in = price up" there's a lot more to it.
So firstly; go and check out the last couple of crypto posts.
The second point is - there's something interesting here.
Now think, if we can see it - who is going to be attracted to this point? Then of course we have the 50k "round number" all retail games of the mind.
I have been asked several times recently, about the correlation of other coins. Quite frankly, BTC is only now becoming institutionalized. ETH will come but it's not there 100% yet (neither is bitcoin YET) - But look at what happens with a chart overlay on ETH over BTC.
Then on the strength indicator - we can see a slight blip on ETH but not XRP or BTC. You need to keep in mind that there is a lot of hype in the market so a blip here and there is to be expected.
The daily Quadratics show we are still in negative territory on a daily and the rise in the ATR would also suggest a gain in momentum. COT data tonight will paint another clearer picture of next week's bias.
Then we can look out to the weekly; we are positive in terms of bias (look back at the Elliott post) showing this as a weekly pullback and not an overall down move.
Why XRP - what about XRP? Well XRP has now over 300 institutional clients and an actual real use case. Although BTC is a store of value, the fees make it hard for any real adoption. Whilst Ripple allows more complex transactions (think wealth manager tasks) in fractions of seconds. This is a strong case for XRP as long as they clear the next SEC/Congress situation. Until then BTC will stay dominant.
We will be covering some of this on Monday in a stream on TradinvView with my good friend Paul_Varcoe who will be hosting the stream. Hopefully, a time will be released later today.
Overall bias "LONG" crypto but short term - clear as day we are in a messy (3) - (4) move down on BTC which currently drives everything else.
Have a great weekend all!
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.
Note
🎥🎥 14:30 GMT (UK) Monday 26ht for the stream with Paul Varcoe. 🎥🎥
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Disclaimer
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.