Morning folks,
So, our trading plan worked just great - DRPO on weekly in fact hit 81-82K, so it's minimal target is done.
In fact, BTC, as a Gold now are victims of massive sell-off on stock market. Investors meet margin calls and urgently need cash to fill it back to initial level. That's why they sell everything that they could to get the money. While this process will be underway - BTC remains under pressure. Not occasionally as insiders as Buffett were sitting on cash bags.
Today BTC is oversold. So we do not consider any new shorts and prefer to get the rally to sell into. Supposedly 92.50-92.85 resistance looks interesting for this.
As market probably will close below Dec lows, this is bad for long-term picture and former 70K top might be re-tested in perspective of a few weeks.
So, our trading plan worked just great - DRPO on weekly in fact hit 81-82K, so it's minimal target is done.
In fact, BTC, as a Gold now are victims of massive sell-off on stock market. Investors meet margin calls and urgently need cash to fill it back to initial level. That's why they sell everything that they could to get the money. While this process will be underway - BTC remains under pressure. Not occasionally as insiders as Buffett were sitting on cash bags.
Today BTC is oversold. So we do not consider any new shorts and prefer to get the rally to sell into. Supposedly 92.50-92.85 resistance looks interesting for this.
As market probably will close below Dec lows, this is bad for long-term picture and former 70K top might be re-tested in perspective of a few weeks.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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.