$BTCUSD: Corrective action
Updated
Price still choppy and weak, similar to my estimate based on Q1 2016's correction.
It's a good idea to get paid to wait, you could try selling call options or perhaps utilizing more advanced option strategies that profit from sideways action, or maybe even using Uniswap's AMM to get paid to provide liquidity while chopping sideways/down.
Raise cash and stake/lend or, just wait this one out.
Sentiment got overheated 1 day before the ETF approval and now we pay the price, need to wait for sentiment to reset, which will happen with a big enough decline to shake out late longs who remain confident in loss, which means odds of continuation down are high (last signal I had from my reliable contras was on Friday, price has been weak since, and now we have a new daily down trend extending downside duration and depth).
Best of luck!
It's a good idea to get paid to wait, you could try selling call options or perhaps utilizing more advanced option strategies that profit from sideways action, or maybe even using Uniswap's AMM to get paid to provide liquidity while chopping sideways/down.
Raise cash and stake/lend or, just wait this one out.
Sentiment got overheated 1 day before the ETF approval and now we pay the price, need to wait for sentiment to reset, which will happen with a big enough decline to shake out late longs who remain confident in loss, which means odds of continuation down are high (last signal I had from my reliable contras was on Friday, price has been weak since, and now we have a new daily down trend extending downside duration and depth).
Best of luck!
Note
I think we already saw the low here...
Trade closed manually
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