Chart is of Bitfinex after tether adjustment, which is about the same as real USD price. Black line is real Bitfinex price and blue line is Coinbase.
After a bearish retest of 3.8 per previous idea I've adopted a bearish sentiment towards bitcoin until it pulls liquidity from sub $3,000 or breaks above 4.3.
Ideally starting a long hedge here and begin reshorting at $3,750, stop above $3,850. This would be ~$100 higher on Bitfinex.
With strong momentum upwards I believe it can top out at 4.0. It's entirely within reason, given that Bitfinex has retested the 3D open multiple times and SPX closed within range on a weekend...again. It's still subject to time to see how much price is correlated.
(Pictures below are of Bitfinex before adjustment)
After a bearish retest of 3.8 per previous idea I've adopted a bearish sentiment towards bitcoin until it pulls liquidity from sub $3,000 or breaks above 4.3.
Ideally starting a long hedge here and begin reshorting at $3,750, stop above $3,850. This would be ~$100 higher on Bitfinex.
With strong momentum upwards I believe it can top out at 4.0. It's entirely within reason, given that Bitfinex has retested the 3D open multiple times and SPX closed within range on a weekend...again. It's still subject to time to see how much price is correlated.
(Pictures below are of Bitfinex before adjustment)
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