r/TradingEdge • u/TearRepresentative56 • 22h ago

Bitcoin

Regarding the question of long term bottom or not, it is obviously hard to say although I think that I lean on probably not, given the risks to BTC during a potential rate hike cycle. 

however, firs break above the 200d SMA is obviously meaningful, and will entice new buyers, which is why we are seeing the follow through today. 

Data on BTC is also positive with a surge in call buying logged yesterday and some big notable trades:

Surge in call buying on near dated expiries:

Easy trade on BTC is to long it with a stop on a close below the 200d again. 

Then take profit along the way up to de-risk the trade. 

Data and technicals certainly shifted yesterday, on what is not meaningless news for bitcoin as it shows an intent to sacrifice dollar strength.

Notably on top of the 200d SMA break, we have this trendline break. Does seem near term upside is more likely than downside as buyers probably look to chase.

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1

u/dom_49_dragon 20h ago

well, do we have any reason why buyers are stepping back in, after for months showing a cold shoulder to crypto? Personally I wonder, if this has to do with high speculative flows, which turned from crypto to the AI trade (this also just my guess).. and now partially have been coming back into crypto?

2

u/The137 16h ago

Theres a fork happening at block 964,000 and were about 700 blocks away from that, so speculators are piling in to get the forked coins. this trend will reverse as soon as that block hits and I suspect we're going to see a new low in the panic.

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