Bitcoin is trying to decide what it is. Is it an asset? Or is it a currency. I believe it has always been and always will be a currency and not an investment vehicle. We've been seen greater divergence from BTC highs relative to volume interest and long term indicators. If this was a small cap stock, this chart is due for a second test of the bottom of the long term purple channel, and a rejection of the shorter term down channel bottom. I think the dollar is showing similar divergence at current highs.
Thus, I'm short BTC and long the market on futures. Why? Because I think the decoupling people have it all wrong. I think the dollar and BTC will both plunge and that will see a transfer back into equities for safety. Who am I to suggest this? No one. Don't believe me. But support and resistance levels and the data show this is a real possibility.
Is the FED going to slow hikes against everyone's beliefs this week?? Leading to a drop in the dollar that goes for a long waterfall? I don't know. Not my area of experience.
I am just noting that both BTC and the USD are going divergent and look to have a top fail and big corrective drop from a technical standpoint. And the markets are heavily oversold and price to earnings are now equal to all previous recessions. If the market goes lower, we'll be in a stronger price to earnings recession than other times in the past, which makes zero sense to me.
So, I'm short BTC against my better judgement. But I am unbiased. I don't care what happens. I do what the data tells me to do. I am a slave.
Thus, I'm short BTC and long the market on futures. Why? Because I think the decoupling people have it all wrong. I think the dollar and BTC will both plunge and that will see a transfer back into equities for safety. Who am I to suggest this? No one. Don't believe me. But support and resistance levels and the data show this is a real possibility.
Is the FED going to slow hikes against everyone's beliefs this week?? Leading to a drop in the dollar that goes for a long waterfall? I don't know. Not my area of experience.
I am just noting that both BTC and the USD are going divergent and look to have a top fail and big corrective drop from a technical standpoint. And the markets are heavily oversold and price to earnings are now equal to all previous recessions. If the market goes lower, we'll be in a stronger price to earnings recession than other times in the past, which makes zero sense to me.
So, I'm short BTC against my better judgement. But I am unbiased. I don't care what happens. I do what the data tells me to do. I am a slave.