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Bitcoin / Turkish Lira

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BTCTRY trade ideas

BTCTRY Trading Signal: Buy OpportunityAttention traders! Based on a thorough analysis using the EASY Quantum Ai strategy, we have identified a potential buying opportunity in the BTCTRY currency pair. Here's a detailed signal for your trading consideration: Direction: Buy Enter Price: 2194041 Take Profit: 2220180.66666667 Stop Loss: 2154857.66666667 Reasoning and Analysis: The decision to recommend a Buy position arises from a combination of technical and market sentiment analysis. Recent movements in the BTCTRY pair suggest a bullish trend supported by increased buyer activity at pivotal support levels. An analysis of the volume metrics shows a significant uptick, indicating strong market interest in the current price range. Furthermore, applying the EASY Quantum Ai strategy, which integrates both quantum signal processing and advanced algorithmic tactics, we have identified several key factors: a positive momentum divergence on the daily chart, and a confirmation from stochastic indicators suggesting potential upward momentum. As always, consider this signal in the context of your market analysis and risk management protocols. Trade wisely and stay informed on any market shifts. Disclaimer: Trading cryptocurrencies involves substantial risk and may not be suitable for all investors. Always ensure to perform your comprehensive analysis and consult financial advisors where necessary. Happy trading!
Long
by ForexRobotEasy
🅱️ Bitcoin Hits A New All-Time High In Turkey (USD To Follow?)You know how we use one Altcoin project, one trading pair to help us predict what is coming to the rest of the market? Yes! We've seen Altcoins moving ahead earlier this year and this helped us predict with high accuracy the fact that Bitcoin was set to continue higher instead of hitting new lows, we have many examples of this. What if looking at a different Bitcoin trading pair can help us predict what is coming to the main pair, BTCUSD? Bitcoin Hits A New All-Time High Against The Turkish Lira | BTCTRY Here we have the same patterns as with BTCUSD. We have a peak in April 2021 followed by a higher high (new ATH) in December 2021. So the bull-market ends late 2021. In 2022 the initial low is set June with a lower low in November 2022. Massive growth starts as soon as we enter 2023... This is where everything changes! BTCTRY keeps on moving ahead. It seems we have a very similar chart to BTCUSD but moving first and faster. Other pairs also hit new ATH for Bitcoin, in other countries so this might not be a one off event. Now, we've been preparing for a major bullish wave but not as strong. I mentioned the possibility of 50,000 even 60,000 but no new All-Time Highs... Maybe we need to be more open minded? The truth is that market conditions can always change. We have a very well mapped out plan as to what can happen in the coming months but remember, Bitcoin likes to surprise, it can be something completely different... Instead of a major correction before the halving, no correction at all. This is just wild speculation of course based on this lira (TRY) chart. We stay open to all scenarios specially if we are talking about bullish growth. The bears just became weaker. ➖ A bullish Bitcoin has been confirmed for many months. ➖ A bullish Bitcoin is guaranteed at least after the halving in 2024. ➖ Bitcoin is set to hit new All-Time Highs in the years to come. Namaste.
Long
by AlanSantana
2
BTC Breaking Out in the Weakest CurrenciesBitcoin is measured in dollars. So every chart that you see is bitcoin gaining or losing against the US dollar. At the start of bull markets, commodities start to break out in the weakest currencies. Then it starts to break out in the intermediates currencies, then finally it breaks out in USD. So let’s have a look at BTC compared to some of the weakest currencies and see if we are at the early stages of a bull market. So here we have the Brazilian Real, the Turkish Lyra, the South African Rand, and the Russian Ruble. They have all made new monthly closing highs. These can act as clues for the start of a bull market, which I believe we are in. It also goes to show you that the US dollar is eating other currencies alive! That is it for today. Keep your head on a swivel! Happy Trading!
Education
by derzzycharts
Pt 2: Turkish Lira → gold & BTC volatility As per previous post, the lira (USDTRY) has been getting hammered in an ongoing currency crisis through mismanaged gov & monetary policy, souring US relations, and COVID hitting the country’s tourism industry. President Erdogan, who has been directly calling the shots at CBRT (Turk cent bank), despises the prospect of raising rates, despite the need to put a floor under the currency amidst a >20% inflation rate eroding the Turkish citizen’s purchasing power quickly. Further monetary mismanagement from their shift to embracing/aggressively accumulating gold reserves has Turkey now exceeding Russia as the largest buyers of gold (hence contributing to gold recent ↑ through record highs) - instead of using their dwindling FX reserves to buy gold at ATH, they “should” be defending the lira, which is now at all time record lows vs the dollar and euro. Along with its pro-gold/anti-dollar (due to sanctions) stance, Turkey has also been aggressively embracing crypto and digital currencies over the past year, with 2020 CBDC rollout. Crypto trading has greatly expanded in Turkey, companies like Binance expanding their local footprint. How this relates to gold and BTC this past week & going forward: •First just to preface: In a recent post shortly BEFORE TSLA Q2 earnings, I had called for TSLA results to be the top for the stock regardless of what they announce (good or bad, net profit/loss), as well as the catalyst to re-start a BTC rally, as the retail driven focus and flows move from one bubble to the next (“one bubble at a time.”) Within 2-3 hours of TSLA Q2 results and investor conference call, BTC jumps +5% kicking off the current rally. May be coincidental (sure doesn’t seem to be), but BTC which until that moment had been trading dead flat, suddenly sprinting to life matches in timing with my call - as opposed to all other commentators citing “central bank printing,” “dollar ↓,” “gold & silver ↑,” and even the halving from months ago. ALL of those things are fundamental reasons for BTC to go up, ALL of those things had BEEN going on (some, like printing fiat, have been going on for over a decade), and NONE of those explain why the markets suddenly decided that was the time to price it in - and therefore are nonsense zero value attempts at explaining. •With that said, I’ve also repeated countless times that the spark catalyst (for both BTC, gold and silver) doesn’t necessarily equal the sustaining driver for upside, in fact that would be highly unlikely. The initial price jump is almost irrelevant, because there are who knows how many hundreds of billions if not more with their fingers on the trigger ready to get long BTC, and to a lesser extent gold and silver, all of them know the fundamental case, and they just need that initial price move confirmation before deploying their capital. So TSLA was the lit match, but the room is already soaked with gasoline - and when fully ablaze, the long-charred matchstick will barely be an afterthought. •Therefore, if Turkey’s ongoing currency crisis (which really began in 2018) is rapidly deteriorating while BTC looks to show SOME signs of life, those who hold lira will jump ship and shift their assets to something, anything, that won’t destroy the value of their liquid assets like the lira has been. Look at the chart- BTCUSD and BTCTRY (along with BTCJPY, BTCEUR etc) have all moved pretty much in tandem % for %, with little spread between BTC and the different fiat pairs. But in the last week, not only is BTC at record highs vs the lira (certainly not vs $ € ¥ £ etc), but the performance spread between BTCTRY and BTCUSD have become notably wide - by double digit % diff within a few days. This is obviously a reflection of dollar vs lira, but shows just how much flows are moving from lira to BTC vs other fiat. It also explains a lot of BTC’s recent post-resurgence pullbacks - Lira volatility with flows in/out based on developments from Ankara. •Gold on the other hand has been on a consistent nonstop surge, until yesterday- as my chart posting from yesterday points out that the gold rally will stall due to the lira sell off reversal. And indeed that seems to be how the day played out. If Turk CB has been the largest buyer of gold though July, then that means they are selling lira (and fx reserves) to buy gold = gold ↑, lira ↓. If reports are true that CBRT reserves are running out, then that means no more inflows to gold from a major contributor to the rally (gold loses upside steam and sellers take hold pushing prices ↓ for healthy correction), and no more lira selling (“no more” as in a slowdown in rate of change terms). So therefore, my view was/is that if the lira starts to reverse and appreciate (USD/TRY ↓), gold will follow. That seems to have happened, and seems to be what finally caused the gold rally to pull back. That’s why my last post was saying: keep an eye on the lira, for both BTC and gold near term directionality. Going forward: Gold and BTC will resume their ascend in the immediate - med term, because of much larger forces than the lira. But thinning bullish volumes towards the top of the gold and silver rally + thin volumes in general for crypto make their price action susceptible to a major EM currency like the lira in crisis. Personally I’m remaining long Gold untouched and just bought (very cheap) puts ahead of the downward move yesterday, which I’ll liquidate and use to add to gold as I keep eyes on Turkey. I took down 25% BTC exposure (25% figure comes from my % gain since getting massively long ahead of TSLA earnings), and plan to redeploy back into BTC. I DO NOT recommend shorting either gold or BTC, as the lira situation can re-reverse in a heartbeat, and/or the (absolutely clueless) bulls will just come in and buy the dip. What started as a TSLA spark has been picked up by Turkish lira holding citizens, obviously in addition to global individuals re-entry to BTC (in dollars, yen, euros, pounds etc). However, it hasn’t been enough of a move to pull in the institutions yet- though it’s still early in the BTC next phase rally, and this is why BTC upside isn’t yet a one directional decisive surge.
Short
by acrossthespread