#BITCOIN is down today BUT #FDIG suggests upsidefor the #crypto space
as are the #BTC miners which are performing admirably.
So we have a disconnect going on between wall st and the overall crypto space which is non euphoric and has completely reset sentiment since March.
My view this gets resolved to the upside , follow the smart money.
#HVF
@TheCryptoSniper
Cryptoetf
ETHUSD LONG Sitting on Demand Zone Fib TargetsOn this 15 minute chart from the candlesticks, supply and demand zones are tool drawn.
The resistance trendline and flat bottom form a triangle pattern. The Fibonnaci retracement
tool is used to find likely targets which are also pivots to the left. The dual TF RSI indicator
by Chris Moody shows both the faster 5 min and the slower 60 min rising over the 50 level with
the faster higher than the slower. The times straddle the chart time. Based on all of this
I will trade a swing trade long on forex with leverage set at 20. Partials taken 25% at each
target to minimize risk. Stop loss initially 40 ( the height of the green demand zone) then
raised by 22 every time price moves by 20. Expecting 60% profit overall in consideration
of a tiered closure and the leverage for a trade of 10-20 days depending on the trend angle
moving forward.
Volatility for Bitcoin is at all-time lowsBoth historical (30 days) and implied volatility for Bitcoins is at all-time low levels.
It seems like trades waiting for news about crypto ETFs approvals.
It might make sense to buy straddle/strangle to put a market neutral positions expecting big move and increase in volatility in Q4/2023.
Disclaimer
Please remember that past performance may not be indicative of future results.
Due to various factors, including changing market conditions, the strategy may no longer perform as good as in historical backtesting.
This post and/or the script don’t provide any financial advice.