Not exactly making a bearish call here, just posting to bring awareness to some over ambitious traders out there.
Past 3 out of 4 trend reversals on the MACD measured in total market cap have resulted in drawdowns of double digits or more. With Bollinger Bands trading at the top of the range for several days we may see a short term return of the bears fueled by short term holders looking to exit the market and break even from q4 trades.
Given the current geopolitical situation, bond yield curve inversion, credit market jitters and fed surprises and half of this being priced in already, I dont think anyone knows which way is up anymore.
Now is the time to watch where the smart money goes and not be a hero.
Added to BTC and ETH positions with stops in at 43k and 2.9k respectively.
Past 3 out of 4 trend reversals on the MACD measured in total market cap have resulted in drawdowns of double digits or more. With Bollinger Bands trading at the top of the range for several days we may see a short term return of the bears fueled by short term holders looking to exit the market and break even from q4 trades.
Given the current geopolitical situation, bond yield curve inversion, credit market jitters and fed surprises and half of this being priced in already, I dont think anyone knows which way is up anymore.
Now is the time to watch where the smart money goes and not be a hero.
Added to BTC and ETH positions with stops in at 43k and 2.9k respectively.