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Bitcoin CME Positional Play
BTC once again in the headlights with CME options launching 🚦. Has the Santa rally got more room to run, or is real money already comfortably positioned and happy to stand aside? The recent rally flushed a lot of late sellers out and I would be surprised to see the illiquid move lower seen in 2019 completely reinstated. Internal data here shows that clients have picked up an appetite for BTC. With risk markets on the front foot I would be surprised to see BTC not benefit more from CME opening, so there is no need to panic here. The bias is still to keep long while above 7500, while adding on dips. Medium term the 8500 level is key to unlock 13600.
This diagram illustrates the strategy of a central breakout against a retrace defence:
Bulls now have the attacking position in the crosshairs. That is a definitive advantage, but here the weakness of bears (we shall soon see why offers are "weak") will soon lead to the surrender of the channel i.e Buyers are obliged to equalise by playing the breakout.
To comfortably lean on the Long-term Macro flows.
Since the breakout of 6,213 is necessary for bulls, an exchange was the only way to prove the defence against sellers ... You should memorise this motive of forcing an opponent to make up its mind, we will dig deeper into this motive with the next few charts.
With this move and the next one a "impulsive" wave is introduced, which should be considered siding with considering the spirit of the yearly opening. Correct play consisted of buying breaks of resistance and the doubling of sizes on the next channel break, exploiting at the same time the somewhat uncomfortable position of sellers in the retrace.
Because of the current themes, the macro protects and secures a wide stretch of the flows and territory. Your urge to destroy the resistance above in BTC should extend with CME and Geo-political risk, in the narrower or broader sense. Eyes on the momentum breakout coming in 2020.
Good luck all those buying dips in BTC and as usual thanks for all your support with likes, comments, questions, charts and etc.
This diagram illustrates the strategy of a central breakout against a retrace defence:
Bulls now have the attacking position in the crosshairs. That is a definitive advantage, but here the weakness of bears (we shall soon see why offers are "weak") will soon lead to the surrender of the channel i.e Buyers are obliged to equalise by playing the breakout.
To comfortably lean on the Long-term Macro flows.
Since the breakout of 6,213 is necessary for bulls, an exchange was the only way to prove the defence against sellers ... You should memorise this motive of forcing an opponent to make up its mind, we will dig deeper into this motive with the next few charts.
With this move and the next one a "impulsive" wave is introduced, which should be considered siding with considering the spirit of the yearly opening. Correct play consisted of buying breaks of resistance and the doubling of sizes on the next channel break, exploiting at the same time the somewhat uncomfortable position of sellers in the retrace.
Because of the current themes, the macro protects and secures a wide stretch of the flows and territory. Your urge to destroy the resistance above in BTC should extend with CME and Geo-political risk, in the narrower or broader sense. Eyes on the momentum breakout coming in 2020.
Good luck all those buying dips in BTC and as usual thanks for all your support with likes, comments, questions, charts and etc.
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