Weekly idea for IBIT.
BTC and this market as a whole is an interesting character.
The indicies and many other things, such as BTC, AMD etc. are all throwing top signals, specifically mean reverting signals (when using Pairs / Cointegration and Time series).
They have been for the last 1.5 weeks.
These signals have yet to be invalidated, they are only invalidated once they stop signaling or flip to bullish. So we are lingering on a potential for a larger pullback from where we are, and that extends to indicies such as NDX, SPX and BTC itself.
That said, its a bit trickier when we push into extreme greed where the market currently rests.
For IBIT and BTC, the outlook is on the bearish side; however, with some bullish continuation patterns (on the smaller timeframes) that bring us to some more immediate upside into Monday.
The expectation here is a move up to around 61. From there, if we see rejection we should be heading down to around 58.57.
The downside and upside targets are listed in the chart.
Its hard to play the PA in this market because its extreme greed that has a hallmark of random impulse selling and random rug pulls out of nowhere that complete in a day and lead to aggressive gapping up the next day. Its hard to really offer much insight in a safe fashion in this type of market.
However, the general "how its sposta work" is if we break over 61 and hold, we should be heading up to 63 ish range. Vs a 61 rejection or just hitting shy of 61 will bring us down to that 58 zone.
Not advice, its impossible to offer advice in these conditions anyway haha.
Safe trades!
BTC and this market as a whole is an interesting character.
The indicies and many other things, such as BTC, AMD etc. are all throwing top signals, specifically mean reverting signals (when using Pairs / Cointegration and Time series).
They have been for the last 1.5 weeks.
These signals have yet to be invalidated, they are only invalidated once they stop signaling or flip to bullish. So we are lingering on a potential for a larger pullback from where we are, and that extends to indicies such as NDX, SPX and BTC itself.
That said, its a bit trickier when we push into extreme greed where the market currently rests.
For IBIT and BTC, the outlook is on the bearish side; however, with some bullish continuation patterns (on the smaller timeframes) that bring us to some more immediate upside into Monday.
The expectation here is a move up to around 61. From there, if we see rejection we should be heading down to around 58.57.
The downside and upside targets are listed in the chart.
Its hard to play the PA in this market because its extreme greed that has a hallmark of random impulse selling and random rug pulls out of nowhere that complete in a day and lead to aggressive gapping up the next day. Its hard to really offer much insight in a safe fashion in this type of market.
However, the general "how its sposta work" is if we break over 61 and hold, we should be heading up to 63 ish range. Vs a 61 rejection or just hitting shy of 61 will bring us down to that 58 zone.
Not advice, its impossible to offer advice in these conditions anyway haha.
Safe trades!
Easter sale starts April 18th for 50% off!
Get:
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Get:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
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.
Easter sale starts April 18th for 50% off!
Get:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
Get:
- Live Updates,
- Discord access,
- Access to my Proprietary Merlin Software,
- Access to premium indicators,
patreon.com/steversteves
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.