BitcoinAtualizado BTC: Trading amid a parabolic wave
I don't know if this illustrates a point, or negates one.
I find it problematic that BTC has such a strong hold — in terms of price action — on nearly every other crypto asset. I think this is tremendously negative and dangerous for the cryptospace as a whole, and I don't see too many people identifying this problem and commenting on it.
It's like an elephant in the room.
I hope I'm pleasantly surprised if and when a decoupling occurs within an alt season. I've heard about it, and we can see it on charts of the 2017 bull run. But I didn't live it.
We should always give precedence to higher timeframes.
The problem is that a dip from, for example, 60k to 50k is barely noticed by BTC itself. It's not even a blink on its part.
If we take golden cross/death cross as a simple, basic indicator, BTC is in an uptrend on the 6hr chart since 12 October 2020. Obviously it's more accentuated on higher timeframes.
If we drop to the 4hr, it's still in an uptrend from 05 February. Like the March corrections never happened.
If we drop to the 2hr, we're in an uptrend since 30 March.
Again, the 2hr.
How can traders plan trades when on the 2hr and lower nothing can be certain because the room for manouevre for BTC is so large?
Many great setups yesterday got wrecked, and we can't know if BTC is done with what happened last night or it will go far deeper.
From the 13 March ATH to the last low of 25 March, the last death cross only registered a day before the lowest point was reached.
Obviously, this is not an indicator that's worth paying much attention to for BTC. But I just mean to illustrate how impactful BTC can be, and how it forces traders onto lower timeframes, making swing trading in the cryptomarket very risky.
At least in the short term, and even on a week by week basis.
When price action on BTC is accentuated in multiples on many alts, we're really left to search for alts that are relatively speaking less affected by BTC price action. Good luck finding any, and any with good set ups, liquidity and fundamentals even if you find them.
I find it problematic that BTC has such a strong hold — in terms of price action — on nearly every other crypto asset. I think this is tremendously negative and dangerous for the cryptospace as a whole, and I don't see too many people identifying this problem and commenting on it.
It's like an elephant in the room.
I hope I'm pleasantly surprised if and when a decoupling occurs within an alt season. I've heard about it, and we can see it on charts of the 2017 bull run. But I didn't live it.
We should always give precedence to higher timeframes.
The problem is that a dip from, for example, 60k to 50k is barely noticed by BTC itself. It's not even a blink on its part.
If we take golden cross/death cross as a simple, basic indicator, BTC is in an uptrend on the 6hr chart since 12 October 2020. Obviously it's more accentuated on higher timeframes.
If we drop to the 4hr, it's still in an uptrend from 05 February. Like the March corrections never happened.
If we drop to the 2hr, we're in an uptrend since 30 March.
Again, the 2hr.
How can traders plan trades when on the 2hr and lower nothing can be certain because the room for manouevre for BTC is so large?
Many great setups yesterday got wrecked, and we can't know if BTC is done with what happened last night or it will go far deeper.
From the 13 March ATH to the last low of 25 March, the last death cross only registered a day before the lowest point was reached.
Obviously, this is not an indicator that's worth paying much attention to for BTC. But I just mean to illustrate how impactful BTC can be, and how it forces traders onto lower timeframes, making swing trading in the cryptomarket very risky.
At least in the short term, and even on a week by week basis.
When price action on BTC is accentuated in multiples on many alts, we're really left to search for alts that are relatively speaking less affected by BTC price action. Good luck finding any, and any with good set ups, liquidity and fundamentals even if you find them.
Nota
06 Apr 2021 13:19:40: This damn piece of crap is again proving there's very little you can actually trade in this market until it does what it wants to do, while it appears very often, lately, in two minds about what that is.Nota
11 Apr 2021 15:51:39: This market is ridiculous. Anyone who watches a fair selection of coins simultaneously to bitcoin can see how their fate is repeatedly, on a second-by-second basis, tied to what bitcoin is doing. When bitcoin is dormant, they can run, if the chart says they can. But the second bitcoin decides to dip — literally the very second — the others halt, regress, give it all back. Meanwhile, it's not real buy pressure that raises the price of bitcoin; It's trading, and at the whim of large holders who do what they want at whatever moment to gouge profit from smaller players. I'm not saying this because I've lost: I haven't lost. I'm just observing a market that is like an echo chamber. And when the real top — not the fictitious top — for bitcoin is so close, scalping is possible, day trading a 50/50, swing trading a significant risk, and position trading a race against time.
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
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AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
Publicações relacionadas
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.