Chris on Crypto Open Channel
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Chris on Crypto Open Channel
DXY trending higher. VIX up.. NQ and ES selling off and BTC sort of holding for now... that's the silver lining.
Okay so this is very interesting. BTC showing strength despite this. Let's see if we can sustain a pump here.
Nice H4 close at 21.4k. If you believe in the melt-up scenario, we're very close.
Funding turned positive on that up move. not ideal. Really want to see price clear 21.5k, otherwise nuke potential is still quite high. Want to see shorts feel the heat..
LTC/BTC continues to show strength at the 200-daily ema. Positive data considering BTC/USD's poor upside performance relative to say, eth or stocks.

https://www.tradingview.com/x/afftN0cY/
Price still hasn't broken down. Origin of the impulse gets taken out soon imo

https://www.tradingview.com/x/tpntOBDE/
No wick to the downside would not surprise me. Traders expecting to get the perfect break-down fake-out + reclaim but in a period of negative funding with a big downside inefficiency overhang above us, there's no need to breakdown. Just pump.
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Binance funding flipped negatory. I am at my limit (exhaustion not frustration). I need to learn how to take long breaks if I'm going to survive in this business for a few more years (with hair).
Imo ETH/BTC is a really simple trade for now. Until there's "flippening" hype just find levels of interest to bid. When it happens (if it happens but let's assume it does) just nuke it and don't look back until the dust settles - might be a few months.

Worst case scenario you now have the 'second best asset' in crypto -big deal. Best case (and most likely) scenario you just added more to your btc stack.
LTC/BTC strength gives me confidence that this rally is not over. It's really that simple. We don't really see ltc/btc strength like this (hugging 200-daily ema) unless there's a strong bid. During the btc/usd nuke we saw the beginning of strength because funds were insolvent and turbo offloading their btc collateral which ltc was not part of. SEE? LTC has 2 USES NOW.