In the last 3 weeks, ETH has more than doubled in price, while at the same time
BTC hasn’t moved much at all … think there’s a rotation? … and everyday I come
in wanting to trade ETH for the PAMM, I get 1) ridiculous bid / offer spread from
Turnkey that would make Vito Corleone blush with envy, and 2) no breaks to buy
except the ones I miss cuz I’m not a meth addict sitting here 24/5 … and for what
seems like the 85th day in a row ETH is higher, and pretty soon [at any time] going
forward, somebody is gonna start punching sell buttons, and look the hell out if
you’re long … it’s way overdue!
I get the psychology of ETH … it’s BTC ver. 2 … you missed out last time, and that
ain’t happening again, so everybody and their brother is going full retard FOMO,
and nobody seems to care what they pay to HODL ETH … until it starts breaking,
then look the hell out cuz it’s likely to get really ugly … lately [last 3 weeks], if ETH
rallies, BTC breaks … if ETH breaks, BTC breaks … BTC only rallies when ETH is
taking a breather and people who are long get nervous in the ETHBTC cross.
Today’s CPI just a “tad” higher than expected … biggest jump in 40 years, but
“transitory”, says the smartest guys in the room who don’t know shit … that would
be the Faculty Lounge Lizards over at the FED, furiously this morning telling
anybody who would listen [not many], that it’s nothing to worry about … what’s
funny is they actually believes anybody listens to their bullshit anymore … “and
oh no, “Stonks” have a case of “stagflation” heartburn, so expect the “Plunge
Protection Team” [PPT] to show up and bloody short’s noses”.
Another day in BTC, where the trading action is less than stellar … “psst!, it can’t
rally”!, as the flow of worldwide FOMO money buys ETH and sells BTC and
doesn’t seem to care much what price they pay … bid / offer spreads in
everything crypto but BTC, simply worse than atrocious … quite frankly, I can’t
imagine anybody in their right mind trading ETH, LTC, or BCC at Turnkey … if I
owned the brokerage house, I’d be embarrassed offering trading in these and
expect anybody to take me seriously, that’s how frickin’ BAD they are
… meanwhile at the same time, the best trading conditions [meaning LOWEST
COST TO TRADE] in the world in BTCUSD … go figure, cuz I can’t … are these
“throwaway” markets? … do they consider ETH “throwaway”?
Whatever, one glance at the daily candlestick chart, and all you see for the last
12 trading days [excluding weekends] is pasta thrown up against a wall … talk
about “Chop City”, BTC has “lost its MOJO” … however, the price action is as
wicked as ever, and there isn’t anything in the world that can move as fast as
BTC when somebody with “Buckos” gets an opinion … good grief, you do not
wanna be on the wrong side of this shit when it moves.
For most of the day, BTC was in chop mode, with the high seen in the Asian
session … by the time I got in around the European open, BTC was already falling,
and was in “sell mode” almost continuously the rest of the day … given the fact
ETH has gone parabolic to the upside, I know when ETH breaks BTC is in for one
helluva roller coaster ride LOWER … and as Europe closes for the day, somebody
started the ETH avalanche! … down goes Frazier!
One algorithm buy signal today in BTC … TURNKEY PAMM UP SLIGHTLY.
Multiple algo signals got blown through today, and quite frankly, I’ll take
“up slightly”, cuz the spread is a nightmare to navigate, and the slippage on fills
a bigger nightmare … still, better than the total cost over on the “open order
book” platforms, but make no mistake, it’s a “very rough trade”!
Today sees nightmare trading conditions over at PHEMEX … spreads blown to
shit, and some terrible fills for “The Syndicate” … ETH the worst, but in the other
alt-coins like ONT, it was bad also … many multiple trades today in ETHUSDT &
ONTUSDT, and “The Syndicate” is UP APPROXIMTELY 0.11%.
Some really bad fills put us behind the proverbial “8-ball” early, but VIX being high,
the day produced other algorithm signal buys and I was able to work back to
profitability … and I stopped when ETH went “Thelma & Louise” down below 4100
… I’ll take the hint and back away up a tiny percentage amount, and come back
tomorrow … this day pure flaming dog poo all around, no matter the crypto pair.
… outta here … “the future’s so bright I need sunglasses”! 😎
… Onward & Upward!!
-vegas
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