Is the crypto winter over?

[schizo]

I wonder how much wash trades are helping things along.

"...a little over 50% of daily bitcoin trades being reported are likely fake, according to Forbes’ latest analysis of 157 crypto exchanges across the world. "

https://www.cnbc.com/2023/01/12/mark-cuban-next-crypto-implosion-may-be-uncovering-wash-trading.html

That's why you need to pay attention to open interest, not volume.

https://www.coinglass.com/BitcoinOpenInterest

 

[johnarb]

Guys,

There has been a nice volatility trading range the past 2 days on btc, up down up down up down up down

The trading range I'm interested in is that $20,700 to $20,930 longs only on the btc perp futures

That's about $2,000 on a 10-btc trade, certainly the range has been wider than that, but not as oft-occurrence
View attachment 303794

It hit in 12 candles (3-hours), I missed the entry by about 10-15 minutes, see that red wick candle, btc perp futures went as low as $20,660'sh

I did not even have my charts up at the time, anyway, looking for an entry now

 

[schizo]

It hit in 12 candles (3-hours), I missed the entry by about 10-15 minutes, see that red wick candle, btc perp futures went as low as $20,660'sh

I did not even have my charts up at the time, anyway, looking for an entry now

Well, there's no use dwelling on the woulda, shoulda, or coulda.

But as you pointed out, we're currently rangebound so place your orders in advance to buy the dip and sell the rip. However, always be nimble and use stops. Also, unless BTC break out above 21300, I would be cautious staying in a long position. I believe the downside at the moment far outweighs the upside.

 

[johnarb]

Well, there's no use dwelling on the woulda, shoulda, or coulda.

But as you pointed out, we're currently rangebound so place your orders in advance to buy the dip and sell the rip. However, always be nimble and use stops. Also, unless BTC break out above 21300, I would be cautious staying in a long position. I believe the downside at the moment far outweighs the upside.

Will post the trade on another thread, don't want to pollute this thread

 

[schizo]

Will post the trade on another thread, don't want to pollute this thread

I don't mind, as long as you share your rationale.

 

[johnarb]

I don't mind, as long as you share your rationale.

I'm literally a beginner trader, my rationale will not make sense

https://www.elitetrader.com/et/threads/crypto-macro-trends-for-2022.363931/page-63

 

[schizo]

I'm literally a beginner trader, my rationale will not make sense

https://www.elitetrader.com/et/threads/crypto-macro-trends-for-2022.363931/page-63

Okay, I've laid out a plan for you. Hope it helps going forward.

 

[johnarb]

Okay, I've laid out a plan for you. Hope it helps going forward.

Very nice. I like those blue lines, any guide on what that's called or how to draw them on TradingView?

 

[schizo]

Very nice. I like those blue lines, any guide on what that's called or how to draw them on TradingView?

Trendline. You can manually select it from the menus on the left (see below) or simply press Alt+T on your keyboard.

 

[johnarb]

Trendline. You can manually select it from the menus on the left (see below) or simply press Alt+T on your keyboard.

View attachment 303814

Got it, thanks!