BITCOIN RAISING FROM THE DEAD - SHINE BRIGHT LIKE A DIAMOND
In the last four days, Bitcoin warrior proved himself that he would not get defeated to 10k support. He will fight until his last breath. The question is - will he fly high or will he get puffed out?
Technicals:
Last four trading sessions witnessed Bitcoin come back to life. He has raised from the dead and is looking stronger than ever. August has gone away with three worst ending trading sessions in 2 months of correction. It showed more momentum to lower support as price progressed within 10k support with no daily long lower wicks.
Albeit still being indecisive, the market has shown a good defense of the 10k critical support and is looking forward to consolidating in a tighter area. However, this market also opens the opportunity for swing trades. As Bitcoin ranges, short profits are probable yet high risks. Our take on this is …
1. Swing trades executed only at your best possible risk reward, having a strict cut-loss discipline,
2. A good long-term entry investment is when Bitcoin ranges long enough or a convincing tighter range resistance break-out with extremely high volume.
And the answer is ...
NO, HE WON’T GET PUFFED OUT! He is simply resting after a long race from 3.1k to 14k. No athletes will sprint the whole 50 kilometres race, EVER and so does Bitcoin.
The short interest:
Short interest has reduced 65% from when Bitcoin was 3.1k but remains high relatively. This does not imply shorts are getting in control. As the market elevates from time to time, short interest will always be high. This is the result of larger players locking in profits.
They can also lock in profit from hedging. Huge inventory gives them the advantage of betting the market in both directions. If the market plunges, they make profits off their short positions. If the market elevates, short positions are closed and they still gain profit from their long-term inventory. The gain also offsets losses from short-positions.
How Bitcoin has performed:
Bitcoin continues to dominate the cryptocurrency market in terms of capital inflow and relative strength. On coinmarketcap (CMC), Satoshi’s favorite has reached the volumes when it was at ATH, combining all trading platforms.
This is the smart money effect. As people/institution(s) have deep connections, they always know what the future of the market looks like in terms of laws and fundamentals. They lead the space before new money starts flowing in from retail investors.
The market has been and will always be right. Having said that, it depends on us, as retail investors, to decide which assets to put our money into.
At the time of writing, Bitcoin dominance is 70.7% AND SO SHOULD YOUR PORTFOLIO BE!
Technicals:
Last four trading sessions witnessed Bitcoin come back to life. He has raised from the dead and is looking stronger than ever. August has gone away with three worst ending trading sessions in 2 months of correction. It showed more momentum to lower support as price progressed within 10k support with no daily long lower wicks.
Albeit still being indecisive, the market has shown a good defense of the 10k critical support and is looking forward to consolidating in a tighter area. However, this market also opens the opportunity for swing trades. As Bitcoin ranges, short profits are probable yet high risks. Our take on this is …
1. Swing trades executed only at your best possible risk reward, having a strict cut-loss discipline,
2. A good long-term entry investment is when Bitcoin ranges long enough or a convincing tighter range resistance break-out with extremely high volume.
And the answer is ...
NO, HE WON’T GET PUFFED OUT! He is simply resting after a long race from 3.1k to 14k. No athletes will sprint the whole 50 kilometres race, EVER and so does Bitcoin.
The short interest:
Short interest has reduced 65% from when Bitcoin was 3.1k but remains high relatively. This does not imply shorts are getting in control. As the market elevates from time to time, short interest will always be high. This is the result of larger players locking in profits.
They can also lock in profit from hedging. Huge inventory gives them the advantage of betting the market in both directions. If the market plunges, they make profits off their short positions. If the market elevates, short positions are closed and they still gain profit from their long-term inventory. The gain also offsets losses from short-positions.
How Bitcoin has performed:
Bitcoin continues to dominate the cryptocurrency market in terms of capital inflow and relative strength. On coinmarketcap (CMC), Satoshi’s favorite has reached the volumes when it was at ATH, combining all trading platforms.
This is the smart money effect. As people/institution(s) have deep connections, they always know what the future of the market looks like in terms of laws and fundamentals. They lead the space before new money starts flowing in from retail investors.
The market has been and will always be right. Having said that, it depends on us, as retail investors, to decide which assets to put our money into.
At the time of writing, Bitcoin dominance is 70.7% AND SO SHOULD YOUR PORTFOLIO BE!
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