BitcoinShort
Bitcoin is correlated to the stock market
For the past +10 years, stocks and bitcoin have been perfectly correlated. Crypto isn't a hedge for what's coming (remember March 2020). Keep in mind that global central banks are in the process of creating their own digital reserve coin and will likely outlaw cryptos in competition. This doesn't mean BTC will go to zero, it means, the upside bulls are expecting is limited.
Remember, I work with 66B of ultra-high net worth money. I know how the money-makers/money-managers think...they aren't all in on crypto. In fact, more are bearish because they are close to the White House. Trump and the Fed don't like crypto. They see it as a national security threat. The bulls don't care because no one can shut BTC down. True, but that doesn't matter, the elite can ban its use. More to say on this later.
In my last post about BTC, you can read an extensive overview of why I think crypto will face challenges in the years to come.
Let's talk about today.
Without fail, anytime crypto-bulls gets euphoric you know a correction is coming. As you can see with the red arrows, RSI above 80 typically leads to a sharp correction. When I trade stocks intraday, this is the set up I look for Put options. I buy Call options when RSI is near/below 30. It's truly a work of wonder. It's not always the case (can stay overbought/sold for a long time), but this is how I manage risk-reward.
Back in February 2020, I said BTC would top at
14K in 2020 (worth following me on Twitter for updates). Price touched ~13.9K yesterday before today's decline which came with the Dow Jones falling ~900 points.
I think BTC ends the year below 10K and ultimately re-test the March low around ~6K.
Again, I don't care about predictions, these are my thoughts as of today, it could change tomorrow. I only care about being on the right side of the trade.
Overall, crypto is a gamble worth taking.
I own #BTC #LTC #ETH #LINK
Cheers
Remember, I work with 66B of ultra-high net worth money. I know how the money-makers/money-managers think...they aren't all in on crypto. In fact, more are bearish because they are close to the White House. Trump and the Fed don't like crypto. They see it as a national security threat. The bulls don't care because no one can shut BTC down. True, but that doesn't matter, the elite can ban its use. More to say on this later.
In my last post about BTC, you can read an extensive overview of why I think crypto will face challenges in the years to come.
Let's talk about today.
Without fail, anytime crypto-bulls gets euphoric you know a correction is coming. As you can see with the red arrows, RSI above 80 typically leads to a sharp correction. When I trade stocks intraday, this is the set up I look for Put options. I buy Call options when RSI is near/below 30. It's truly a work of wonder. It's not always the case (can stay overbought/sold for a long time), but this is how I manage risk-reward.
Back in February 2020, I said BTC would top at
14K in 2020 (worth following me on Twitter for updates). Price touched ~13.9K yesterday before today's decline which came with the Dow Jones falling ~900 points. I think BTC ends the year below 10K and ultimately re-test the March low around ~6K.
Again, I don't care about predictions, these are my thoughts as of today, it could change tomorrow. I only care about being on the right side of the trade.
Overall, crypto is a gamble worth taking.
I own #BTC #LTC #ETH #LINK
Cheers
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