I'm out of hedges, and looking at price action closely. I do like that leveraged longs closed on the way down and are still reducing here. Shorts went to cash -big traders were most likely hedged, and are now increasing shorts gradually again, at Bitfinex. The long positioning was very extreme, and given the drop and margin calls, is likely resolved, as far as risks go. We have to follow the money, clearly liquidity being drained from global assets accross the board affected #BTCUSD and helped bears get out of bad shorts in profit adding to shorts into weakness.
With that out of the way, longer term upside might resume, following equities. Global coronavirus cases are now trending down after peaking last week. I will bet on the world not ending here...
Cheers,
Ivan Labrie.
With that out of the way, longer term upside might resume, following equities. Global coronavirus cases are now trending down after peaking last week. I will bet on the world not ending here...
Cheers,
Ivan Labrie.
Trade closed manually
We closed longs and hedged and went short near 9100: Trade active
Covered hedge near 8000Waiting to add margin and or options
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linktr.ee/ivanlabrie
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.