$BTCUSD $BTC #BTC #Bitcoin #StillLong
Hey guys, still long bitcoin!
Not the biggest position, but we were up 26% in it rather rapidly. I was looking to slowing buy into a bigger position over time, which is the goal - but the TA on the right displays a bit of buying that does not appear to be slowing down.
Macro environment for crypto is good right now, with all the concerns of a global slow down, potential easing & rate cuts on the horizon, currencies losing value against each other and the pump in gold likewise going on right now seeking a hedge for wealth is a constant in *potentially* troubling times (trade wars, concern of war with Iran). All the while, the amount of BTC that is comped to miners will be screeching to a much slower grind in the near future which would have a strengthening effect on BTC while the other currencies are losing value.
Despite this - do trees grow to the stars?! Not a smart time to just add to the longs, I see TA in some ways as overbought, but momentum is strong and the volume does not appear to contain many profit takers. I would anticipate a bounce here soon - but regardless on if it comes or not I am not taking profit. Would just buy the next big dip, and ease into an even larger trade.
Not the biggest position, but we were up 26% in it rather rapidly. I was looking to slowing buy into a bigger position over time, which is the goal - but the TA on the right displays a bit of buying that does not appear to be slowing down.
Macro environment for crypto is good right now, with all the concerns of a global slow down, potential easing & rate cuts on the horizon, currencies losing value against each other and the pump in gold likewise going on right now seeking a hedge for wealth is a constant in *potentially* troubling times (trade wars, concern of war with Iran). All the while, the amount of BTC that is comped to miners will be screeching to a much slower grind in the near future which would have a strengthening effect on BTC while the other currencies are losing value.
Despite this - do trees grow to the stars?! Not a smart time to just add to the longs, I see TA in some ways as overbought, but momentum is strong and the volume does not appear to contain many profit takers. I would anticipate a bounce here soon - but regardless on if it comes or not I am not taking profit. Would just buy the next big dip, and ease into an even larger trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.