Well, that escalated quickly, didn’t it? … of course, it all starts with the
“Chuckleheads” pushing it up to its highs, then in the last hour of the Asian
session, here comes the classic “puke” … culminating in the 3 minute, $3,000+
“Thelma & Louise” for BTC in the mid morning European session … a sell stop
orgasm of unbelievable pain, taking BTC down into the 27 handle … 35 handle to
the 27 handle, no worries just a little profit taking [thank you Bob Pisani, CNBC
perma-bull hack]!
The first “certainty” in life is government at every level doing their very best to
FUBAR everything they touch … the second “certainty” is those who FOMO live
to regret it almost instantly as they buy the top … and those short term trades
become “investments” the further they drop!
Quite frankly, what needs to happen in crypto is either some hellacious drops OR
consolidation sideways for some days, maybe weeks … this constant parabolic
move to the upside will only spell disaster … on the other hand, in the history of
the world it’s very difficult to find anything else that has such bullish underlying
developments … the build out of block chain technology is every bit as important
as the development of computing in the 80’s & 90’s, and I could make a case for it
being much more important, simply cuz of the scarcity of BTC, and the build out of
ETH 2 by Ethereum … throw in the other alt-coins for bridging platforms,
connecting databases, making everything super transparent while being private
& anonymous, and there isn’t anything to compare it to in human history for
impact.
And that simply leaves the human element, and on that front nothing has changed
in terms of human psychology since I lost my tadpole fins … in other words,
“fear & greed” rule … and while fear sees “Thelma & Louise” and the dreaded M1
red spikes from hell, greed sees FOMO take center stage … and nothin’ says
FOMO better than headlines from the usual suspects in the MSM pushing the
narrative … before 2 weeks ago, how many headlines did you see about Bitcoin?
… how about the last 2 weeks? … right, and it’s about 10X higher than it’s been
in a very long while … but first, too many people are long BTC for my blood, and
the bull train NEVER carries the majority to the top and then lets them get out
gently … NEVER.
And of course, with the FOMO comes the dreaded LP increase in the bid/offer
spreads to outrageous levels of idiocy … BTC today anywhere from $30 - $200+,
ETH today anywhere around $3 - $5, and LTC today most of the day above $1
… the only one that has come back to normal is LTCUSD, now back to its usual
range around $0.20 ± a few pennies … the others a complete joke … they widen
them cuz they can get away with it, simple as that.
I had multiple trades today in GBPUSD for the Turnkey PAMM / MAM … we’re down
a few hundred bucks from a change in volatility, on much higher volumes … on
the volumes I’m doing, not that big of a deal, but winning is still better than losing
in 2021 … as I said before on the blog, it’s not price the banks manipulate, it’s
volatility, and when they go from low to high quickly it does create problems
… no matter, it works the other way as well, and at the higher VIX levels, the
algorithm works exceptionally well … but, I can’t predict [can anybody?] fast
changes in VIX … sure, you know ‘em when you see ‘em, but how about before
that?
For “The Syndicate”, some market making trades in Cardano [ADAUSD] today
… we’re UP about 0.12%
I switched over to ADA from LTC, cuz conditions in LTC are like that in BTC &
ETH, which is “bat shit crazy”, and making a market in those today would be like
making a market at the roulette wheel, and we ain’t the casino! … sure, the
others including ADA, ALGO [Algorand], DOT [Polkadot], UNI [Uniswap Protocol],
to name a few are still plenty volatile, and when conditions get “nutso” you
simply make the switch and make a market in them … EASY PEEZEE! … for the
time being, meaning this week, it still makes sense to keep your powder dry and
wait to BTFD … yes, some of the rapid declines are not pure selling, but stop
loss selling from the FOMO crowd, and they’ve had enough pain for a day
… and down goes Frazier! … but the trading algorithm in crypto nails the
bottoms better than anything you could ever hope for … all you need are proper
trading conditions so you’re not giving up your firstborn to make a trade … and
if that happens, you simply walk away until the next time.
Tomorrow sees the Electoral College clusterfark over in the “House of Clowns”
… where in many places you got more votes cast than people living in the
district, don’t sit there and sell me on the premise it’s not vote fraud … whatever
happens could spook markets, so we’ll see … and then comes the clusterfark
of the 2 senate seats in Georgia, where I wonder if they can get a result by
March? … like I said, government FUBAR’s everything!
... I’m outta here … until tomorrow … I’m full steam ahead!
… Onward & Upward!!
-vegas
No comments:
Post a Comment