Frank – As long as the US Bank Index holds 3610 its all good. Millennial crypto fanatics all over the net are hoping it means, and are sure it will, mean the end of the US Dollar and in April when Bitcoin halves they believe it will double in price almost immediately. So they can tell mommy and daddy they are smarter than they were. So, of course I got rid of all of my US Dollars and have zero cash and only bitcoins. The problem is no one wants them when I want coffee. What to do.
My overall sense is a bit like this – US tech stocks suffered the largest outflow on record in the week ending March 8 2024. Virtual confirmation that the Fed will drop govt lending rates in June, which speaks of a moderately slowing economy and inflation cooling due to demand slowing up. Demand for labor is slowing as well. Portfolio flows are reducing risk appetite and re-allocating into money market funds, gold, and other assets, including crypto and foreign exchange, so the areas where risk appetite is strong is adjusting gradually…economy should cool a bit in spots coming up.
This is one agonizing day if you trade EURUSD – it goes nowhere , for now…so sitting and watching as the grass grows…
I remember clearly the days when we could switch from USDDEM to DEMITL and just ride it….or from USDDEM long to USDFF short , holding Long USDDEM and take advantage from both sides.
Bah….yeah, those were the days 😀
BTC – I can see 50% retracement, and an ugly one – sharp and merciless.
But the problem is there is no enough data to support anything…
Problem with BTC is that people are seeing it as a currency , but it is really a merchandise of a kind…useless in my opinion- but who am I to judge it….millions of people are buying it like there is no tomorrow…without thinking that it is a Profit game and not lifelong investment.
Plus it is an open ended game , without firm rules and real backup of it’s value.
Someone makes and will make huge profits on it, but not the small fish…
BTC Daily Chart
When Bitcoin first was created I called it a Ponzi scheme. While I have not changed my mind about cryptos I would be an idiot to trade on that view given this rocket to the moon.
BTC rose about 4% to a new record high before backing off a touch but maintaining above the former record high (blue AT line).
By contrast, EURUSD has traded a 19 pip range so far today.
For the record, I do not trade BTC and have no intention of doing so.
Knez, there is a huge difference in strategy when trading anything bellow 30 min chart.
With 30 min, I follow what’s happening on 4h and Daily, and decide on entry depending are we actually moving Up or Down.
On smaller time frames ( and I find 3min the ideal one ) I don’t care where are we moving…just follow signals that I am getting . Of course, everything is smaller – Profit but also S/L .
I do it last two decades, so I have kind of feeling for it, but wouldn’t recommend it to anyone without huge experience – it can easily drive you crazy 😀
p.s. had to add that last sentence because of other visitors .
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