Distribution signals flash at EU Open [$CRO, $MSTR, $BTC]EU Open today bring more sideways action for us all. +-1-2% moves over night, nothing much, all things considering. The market has clearly tightened it's range for the past 2 days, anyway. Volatility is still expected, as we remain sandwhiched between two massive gappers on either side of $MSTR current levels in the $210-235 $300-325.
$DXY continues to show strength, but given the double top, it's possible for a short-term reversal, if not a all out dump in September when the Jacksonhole rate hike announcements are made. Stay tuned!
My custom Accumulation / Distribution scripts are warning that the market is likely over heated (on the 15m scale), which aligns with the fact that BTC also rejected it's approach to the golen pocket formed from the most recent dump.
All this is to say, i'm still holding only my $CRO short position for the time being. Last night my take-profit limits only managed to cover 25% of my open position as I slept, when Asia brought us down into the .126 range before retracing back to current levels as EU opened.
With only 4% gains at the moment, it's nothing to write home about, but i'll be looking for good opporutnities to accumulate more shorts, as my overall thesis remains about the same as it was yesterday. Lots of resistence around the .13 levels for $CRO. And lots of resistence for BTC at 21450-21500 (golden pocket). Same like 282-285 for $MSTR.
Watch the $DXY! If it continues to rise quickly, expect asset prices to further collapse!
