BTC update 7/5
1hr/4hr TL watch. Up to this point it’s been an easy short scalp. 2 reasons why I’m a bit more skeptical:
1. It’s worked well to a point where I wonder if you get too many shorts too quickly now. (No free money in the market)
2. Possible bottom after today’s REACTION to data. (Markets don’t bottom on good news, they bottom when they stop falling on bad news)
3. Too early to tell considering current environment but 1st ST clue is see how #btc acts on this 1hr/4hr TL test. 2nd ST clue if the + correlation continues to weaken with rates/dollar like it started today. 3rd LT clue how it reacts to future bad news.
1. It’s worked well to a point where I wonder if you get too many shorts too quickly now. (No free money in the market)
2. Possible bottom after today’s REACTION to data. (Markets don’t bottom on good news, they bottom when they stop falling on bad news)
3. Too early to tell considering current environment but 1st ST clue is see how #btc acts on this 1hr/4hr TL test. 2nd ST clue if the + correlation continues to weaken with rates/dollar like it started today. 3rd LT clue how it reacts to future bad news.
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