Don't watch naz but agree there has been a surprising correlation w/equities.
WTF is doing all the selling?
- Thread starter chasinfla
- Start date
Don't watch naz but agree there has been a surprising correlation w/equities.
These are pretty small moves relatively speaking. If viewed from the lens that Weekly charts have gone into the sell side. Just my two cents though of course. For intra-day trading this hell yeah huge move in that regard.
Don't be surprised if markets go into the green and surge tomorrow ....
Markets hate uncertainty but tonight a little bit if uncertainty is out of the bag so that is one positive aspect....
And the other is that over 60% of stocks on the nasdaq are already in a huge spiral down and are already in bear Territory.
So where does that leave us? If the Wall Street guys started plowing money into btc heavily about a year ago, we could be looking at those levels as a target -- mid 20ks? -- this is just a BOTE guess as I'm looking at a line chart on google and guessing at reference points.
Looks like BTC went from 19k to 32k between Dec 4 2020 and Jan 1 2021, hitting the 50k's in Feb, so somebody was coming in strong. If those somebodies are now panic selling to raise cash, well...
IF.
"Buy the rumor, sell the news!"
Big low coming up from earlier this week. Would expect a bounce there, but every low between then and now has been blown through. Should be testing it very shortly.
Probably won't be seeing any interest rate hikes anytime soon.
Longs who leveraged are getting wrekt. It is much harder to put money back into the system after it's been liquidated. But... we shall see. ETH 2.0 is supposed to go live around June, so great time to load up on micro-ETH futures possibly.
Hmmm, I wouldn't be surprised for a rally tomorrow. The thing is none of my trades or views have had anything to do with the news. They set up this selling months ago (at least from my perspective and how I do technicals). Also, No I am not a permabear I flipped neutral / long bias toward end of January when NQ/ES got a buy signal. But the way we acted after the buy signal at resistance particularly on NQ was a clue that hunting lows was higher probability than relative highs.
The macro view is that any up move has low probability to hold(view is obtained by 22 years of data as my source of coming up with this probability). So, I am not like looking to necessarily short right here, although I did take some shorts tonight. I'd much rather prefer a rally, that opens up a cleaner and more profitable short setup.
That's the thing is we're in the pattern of hunting lows currently not highs. That's why I mentioned the example in the thread I made tonight prior to this down move that it's like when you see a larger chart setup that you know has high probability of being bearish and than you see a smaller chart giving pops ups allowing you for better short entry. The more buyers that come in, the bigger the fall when the larger chart executes it's short setup. That's essentially what is / has happened on the Daily chart buyers keep coming in, look for highs to be broken. Not understanding that larger players are not currently selling to buy like majority of the times in the markets, they are buying to sell and hunting lows.
I'm not (yet) seeing the volume spike I'd like to see on the sell off to suggest a solid bounce. Just looking at CoinbasePro, however, and their interface is weak. Are you getting a reliable volume read on BTC?
Not that it's saying anything that isn't obvious, but I think they'll be a sizable short cover rally some point soon here like 150-240ish points on NQ. I am certainly not interested in taking any longs regardless tonight. But about to finish trading here soon and will see what it looks like tomorrow at 9:30am. If we're still down here and lower, may look to take a long on a short covering setup. Otherwise tomorrow my game plan will most likely be looking to fade rallies, unless something drastically changes while I am sleeping.