Bitcoin looks like another David Einhorn CompuCredit position.
Seeing the charting of cryptos is rather painful to my eyes. The use of subjective technical analysis indicators without any kind of expectancy for the strategy or trade outcome is rather disappointing.
Although I am against the trading of cryptos which is a result of my education in the markets, I hope to assist those who have been listening to the perma-bulls who constantly shout "breakout" without any supporting statistical evidence to indicate the probability of outcome.
We are currently witnessing the first time since 2015 that BTC has had its 100 EMA higher than the 50 EMA along with price being consistently beneath both. Following this downtrend, BTC shot off like one of Elon's Falcon 9's.
This is by no means a recommendation to buy as doing so involves adding unnecessary draw down and given the beta risk of cryptos, it is rather uncomfortable to have this exposure in a portfolio.
Stay short my friends.
When the eagles are silent, the parrots begin to jabber.
Although I am against the trading of cryptos which is a result of my education in the markets, I hope to assist those who have been listening to the perma-bulls who constantly shout "breakout" without any supporting statistical evidence to indicate the probability of outcome.
We are currently witnessing the first time since 2015 that BTC has had its 100 EMA higher than the 50 EMA along with price being consistently beneath both. Following this downtrend, BTC shot off like one of Elon's Falcon 9's.
This is by no means a recommendation to buy as doing so involves adding unnecessary draw down and given the beta risk of cryptos, it is rather uncomfortable to have this exposure in a portfolio.
Stay short my friends.
When the eagles are silent, the parrots begin to jabber.