BTCCNY: Bitcoin's following stocks
Diupdate
I expect to see a bit more of a selloff in BTCCNY.
The options expirations we had on Friday/Saturday implies no downside protection, and clearly the market already started to react to the record amount of puts that expire in the 1800-1900 region for the S&P500.
BTCCNY has been following the stocks' direction since July 2015, which is interesting, and comes right after the LTC 'pump' and the suspicion that chinese investors were using BTC as a means to escape regulatory controls and move money offshore. Price action justifies this line of thought, clearly.
This decline is a retracement in a larger monthly uptrend. You can check the related ideas for my larger picture view of the rally and targets, and also check out the signal I gave to my group today below:
Contact me if interested in getting timely alerts for all the BTC trade setups that we cover.
Cheers,
Ivan Labrie.
The options expirations we had on Friday/Saturday implies no downside protection, and clearly the market already started to react to the record amount of puts that expire in the 1800-1900 region for the S&P500.
BTCCNY has been following the stocks' direction since July 2015, which is interesting, and comes right after the LTC 'pump' and the suspicion that chinese investors were using BTC as a means to escape regulatory controls and move money offshore. Price action justifies this line of thought, clearly.
This decline is a retracement in a larger monthly uptrend. You can check the related ideas for my larger picture view of the rally and targets, and also check out the signal I gave to my group today below:
Contact me if interested in getting timely alerts for all the BTC trade setups that we cover.
Cheers,
Ivan Labrie.
Catatan
2 minutes for NY stock market open.Catatan
Nevermind, I always get confused when time changes...1 hour left.Catatan
Retracement in S&P500 and XGY0.BTCCNY still bearish.
Will be interesting to see how this evolves.
I covered my S&P500 shorts today, didn't like how 2000 held.
Catatan
And I was right about fearing upside in equities...and thus btc.Catatan
Managed to squeeze 1.26R win out of the short in BTC. Now waiting since price is in a huge triangle.Catatan
Is BTC leading stocks here?Catatan
Looks like Shanghai is going up, and with it goes BTC.Catatan
So...Trading ditutup: target tercapai
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