BTCUSD Short Signal
On this publication I want to address two topics. First, the free money meme, which is honestly annoying. The second one is the short itself.
People seem to see Bitcoin Cash as free money which landed on their wallets. But that doesn't actually make sense. You can't create wealth out of nowhere, as far as I know. The Bitcoin Cash fork created a second chain of BTC which was available to BTC holders. Some people didn't get their BCH because they were not holding their coins on a supported wallet or on an exchange which would add the corresponding BCH balance to the account. As a rough estimate, I assumed around 20% of this BTC wealth was lost to whatever dumb reason. That is why I charted BTC+0.8BCH. As you'll notice, the price had a defined trajectory in the timespan leading up to the fork. Around the time the fork, the price went down, but as you'll notice, that price drop is nicely compensated by the BCH addition. From that time on, the joint worth of BTC and BCH followed the same trajectory as BTC on its own before the fork. A consequence of this is that people who simply held over the fork didn't lose money, but didn't actually receive free wealth.
Regarding the short, Heikin Ashi has formed an entry of bear candles without upper shadow and Ichimoku Signals foreshadows a small bear run. Those who use Fib Retracement expect a drop to 3200, but since previous high resistance levels were 3800 and 3200 by volume, I don't think revisiting 3000 is likely.
People seem to see Bitcoin Cash as free money which landed on their wallets. But that doesn't actually make sense. You can't create wealth out of nowhere, as far as I know. The Bitcoin Cash fork created a second chain of BTC which was available to BTC holders. Some people didn't get their BCH because they were not holding their coins on a supported wallet or on an exchange which would add the corresponding BCH balance to the account. As a rough estimate, I assumed around 20% of this BTC wealth was lost to whatever dumb reason. That is why I charted BTC+0.8BCH. As you'll notice, the price had a defined trajectory in the timespan leading up to the fork. Around the time the fork, the price went down, but as you'll notice, that price drop is nicely compensated by the BCH addition. From that time on, the joint worth of BTC and BCH followed the same trajectory as BTC on its own before the fork. A consequence of this is that people who simply held over the fork didn't lose money, but didn't actually receive free wealth.
Regarding the short, Heikin Ashi has formed an entry of bear candles without upper shadow and Ichimoku Signals foreshadows a small bear run. Those who use Fib Retracement expect a drop to 3200, but since previous high resistance levels were 3800 and 3200 by volume, I don't think revisiting 3000 is likely.
הערה
It turns out I cant delete posts, so I'll just spam a donation address. Send me your ETH here 0xF7Dc813B5c746F777DD29c94b7558ADE7577064e.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.