Bitcoin Short Position Update

6 авг.

Been short BTCUSD since April with BITI (Proshares Bitcoin Short ETF). The media writes "reasons" that Bitcoin is down each day but real reason Bitcoin is down any day is the failure to confirm new ATH in April.

I do somewhat lament my bearish bias because I missed a good long off 50% level in this liquidation but I'll go into why I remain bearish in this post.


Zoom Monthly to see why Bitcoin is bearish: No one buying.

"ETF inflow" reports don't matter. On-Chain analysis doesn't matter.
To reach fabled 6-figure levels investors need YOLO in with reckless abandon. Clearly not happening in price action.

Technically this manifests on the chart with monthly bars trying but failing at the 2021 ATH. Also at a basic technical level lower highs and lower lows.



For the second time in this post-ATH-fail range Ichimoku Bullish breakouts have failed and Bitcoin has gone confirmed bearish.

Ichimoku is a best used trending strategy so it sucks when this price action happens but over time has proven itself effective in managing long term positions. Long term holds should be OFF right now in its current Ichimoku trend state.



So where is BTCUSD going?

Back to the ETF Launch.

Either by karma or irony... markets have a tendency to punish overhype. It would be the most irrational (thus market rational) thing for price to return to whence it began. This is where I begin taking profit on my short. I may even be interested to get long depending...