Hey guys,
Why is getting haircuts such a shit experience? I fucking can’t stand it!
I have thick hair that just grows up and outward. It gets pretty out of hand, pretty quickly, which just means haircuts.
Small talk with middle aged white ladies or sleazy Arab dudes. Disgusting.
We’ll get into the Bitcoin face rip a bit deeper in today’s blog, but hilariously the lady hairdresser I had today, asked me about bitcoin!
I was mega vague and when the shitty smalltalk turned to work, I just gave her the equally as vague answer of working in finance and she went straight down the crypto path.
She had no idea what price was doing and I got the impression that if I hadn’t have started talking about it, she wasn’t a fan.
I love a good, real world contrarian indicator and it doesn’t get any better than your middle aged, white lady hairdresser with negative views.
BUY THE FUCKING DIP!
Market Overview
The whole risk tone around markets has seemingly dissipated to end the week. Trump hasn’t chilled out
So with risk flows and market correlations in play, this all should mean that the US Dollar slips, indices begin to rise and bonds fall. Right?
Well I’ll share some charts below and that’s pretty much what we’ve seen, but the exciting asset class has of course been our lovely friend, crypto!
I asked what you thought of the relationship between stocks and crypto earlier in the week and surprising to me at least, consensus seems to have switched to Bitcoin being a risk asset, rather than a digital gold safe haven.
And as you’ll see on the charts, the overall market tone switches to risk-on and Bitcoin rips faces.
Confirmation?
Forex Markets
So we’ve talked about the fact that markets seem to have taken a chill pill and forgotten about the fucked up world we live in, but the risk currencies haven’t really done anything too exciting.
I really like these higher time frame resistance levels on the Pound and Euro and they’ll go a long way to help explain why.
Have a look at the charts:
GBP/USD Weekly
EUR/USD Weekly
Yeahh, look at those bad boys!
I’ve had a quick look on the lower time frames and nothing jumps out at me in terms of intraday levels to trade off but remember it’s Friday night and we’re definitely going to get something coming up in the coming weeks from these.
Not to mention the USD/JPY long trade we’re in still ticking up and keeping the position building nicely.
Go through the links on the blog or the @forexbrokr Twitter where I try to thread charts as trading opportunities unfold, but here’s the latest UJ hourly:
USD/JPY Hourly
As I’ve been saying, so long as no new lows are made, there’s no need to deviate from building the long position as were above higher time frame support and the momentum continues.
Cryptocurrency Markets
But yeah, the story of the day is all crypto. And funnily enough, nobody seems to really have a reason for the rip.
I’m very much a subscriber to the techncials lead fundamentals newsletter and with Bitcoin sitting at higher time frame support, this sort of move was just waiting to happen:
BTC/USD Daily
But please tell me that some of you traded the intraday pullback levels that we identified.
Look at that second pullback and bathe in it:
BTC/USD Hourly
When things go your way, things go your way. Enjoy.
I’ve also been talking about STEEM and EOS longs which pretty much did the same thing from their intraday levels that I’ve shared on the blog, but I’ll leave them for tomorrow. I just think there’s a lot more in this.
Do you think this sort of rip has a different feel to the simple restesting of previous support as resistance in a downtrend as it continues?
I’m feeling it. Let’s see what happens.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
I think those people who bought into the "Bitcoin is a safe haven, like Gold" bullshit that was going around at the back end of 2017 are the same ones who bought the peak and are crying into their beers in 2018. There is no such thing as a safe haven asset that dips 70% in 2 months.
I'm still skeptical but I hope this is the reversal we've been waiting for. We seem to have a pattern of Friday and weekend madness, whether it be FUD or HYPE so we might have a good time this weekend but it doesn't necessarily mean a lot.
Yep, and 24 hours later we’ve now had the Syria bombing which changes the whole market sentiment again.
Ah, headline driven markets...
Well to be fair, if the threat of war with Russia doesn't affect markets then there probably is something wrong.
For me I think the move was too parabolic without any justifiable reason to cause the rise. This kind of move you would expect with some sort of major news. This wasn't the case, more so short positions being squeezed which is only a temporary case. I tend to think the move back to 20k will be a more sustainable one. I think we will see some profit taking today.
Well you said the reasons there. Shorts being squeezed as price found higher time frame support.
That’s a healthy bounce for me. More so than something off a superficial news headline.
I enjoy your insight. Bitcoin was originally pitched to me as the "gold" standard...that as currencies tank, crypto will remain solid. I don't care for this interpretation, as if currencies tank, the world sort of tanks. Who cares if you have gold, if you have to spend an ounce of it to get a loaf of bread.
About hair,
Don't use the dip! Over time, it will cause hair loss! Take pride in the thickness! Think of how many men would trade, well...at least a pinky, maybe a toe, for a full head of hair.
And a question...what's your opinion of these supposedly big money investors getting into the game?
I totally agree with your assessment of gold being a safe haven. I think it’s ridiculous too. So the world ends and people are carrying around heavy coins for convenience? No way, it’s not safe!
I am proud in my hair really, but I still complain about it being annoying... well because I can ;) Sorry guys.
Big money investors and institutional buyers coming into the crypto game is a good thing of course. It will help stabilise the wild swings in the long run and normalise it. Exactly what we want.
first, just now there are many men out there who would love to be complaining about haircuts lol. I like what you're saying about the crypto markets but I'm still learning to read these charts and have no clue whether it feels different this type. I'm just hoping for stability or growth in steem. That's where I am and Im down so I'd like to earn and buy while the price is low and then have it creep back up. I really need to get a handle on the charts but I'm not that analytical. That's why I enjoy your posts so much.
Well I’m glad I can help you out with clear analysis. I always keep it simple other wise there’s no point in doing it!
😂 at worrying about hair. Yeah, I’m not going bald any time soon. Touch wood!
ineteresting start of the post i was wondering what the post was about after reading the first few lines but i get its a good attention grabber .
nice post man keep us updated with all thanks again.
😂 at my life.