No matter what, BTC will backtest this formation. If it fails that backtest, which I suspect it will, we will test lower bound of the pennant. $5300 by end of year.
Short back to trendline backtest ... make sure the leverage is small and set a stop within your pain threshold, btc is awake. At trendline, straddle (insure or hedge your short).
If wrong, oh no 🥺 ...if right, oh boi 🤑.
tl;dr - We melt into the dead of winter and if you have the cash you BTFD
Short back to trendline backtest ... make sure the leverage is small and set a stop within your pain threshold, btc is awake. At trendline, straddle (insure or hedge your short).
If wrong, oh no 🥺 ...if right, oh boi 🤑.
- Check long short ratio
- Note economic and social situation facing the usa (not the bs pump but the millions of people who cannot afford a place to live in the middle of a pandemic. While the people fight the virus, the state is fighting the people.)
- Check that crypto to equities market correlation - that's right, never was an "uncorrelated, asymmetric asset" .. but that sure sounded good
- Ask yourself why precious metals are ripping
- Check the lack of liquidity in equities
tl;dr - We melt into the dead of winter and if you have the cash you BTFD
