The trading game has changed in the 2 “big dogs” of crypto, BTC & ETH, and
what you see now is gonna be the norm … and that is? … spikes in price from
hell out of nowhere, both up & down, and then no follow through as it will then
sit for hours doing nothing until the next time of rinse & repeat … and it’s a direct
result of the new very tight “forced liquidations” policy now standard on all of
the big offshore crypto houses, where you don’t have “Mr. Jack Squat” to say
about it … the “whales” & the big LP’s have spoken, and all that’s left in these
once vibrant markets is “forced liquidation” stop runs on both sides to screw
specs … I hope I’m wrong, but from where I sit today, this is what these markets
look like … today again here early, seeing this pattern play out more than once,
and why would it stop if that’s what the big boys in the sandbox want?
PPI numbers out, and only a group of bubble markets would cheer producer
inflation of just a hair under 10% … and as we all know, that’s simply the official
D.C. Swamp propaganda number, not the real number … and the lies continue
unabated top to bottom.
In my haste yesterday of crapping on Turnkey’s markets and specifically their
LP’s [cough, bullshit, cough], with their ability to magically FUBAR every
“Stock Bellies”, gold, and FX market, the ONLY market I haven’t been mugged
and raped in is oil … so that makes me looking at ETH, LTC [maybe], & WTI oil
to trade.
Afternoon in New York, and I don’t know what the hell is happening to VIX, but
oil has a whopping $1 range [20 Day Range MA currently = $2.31] and ETH has
really lost its “MoJo” … range here today about $138 [20 Day Range MA = $195.81]
… I have a pretty good idea why ETH is in the shitter, simply cuz of the new idiotic
extremely tight “forced liquidations” dictates forced down traders throats, which
only benefits the “whales” and large LP’s making a market between exchanges
… but oil is another story, and nobody is really interested in selling it, and new
buyers are hesitant cuz of the strong run straight up, so we’re kinda at an
impasse where everybody looks around and wonders who is gonna panic first,
the longs or the shorts … and to both markets, they are trading horribly! … m1’s
very small in scope.
To give you an idea how bad it is in ETH, look again today at the action off the
low in both ETH & ADA [Cardano] … directly below, first ETH, and then the
second chart is ADA right below it.
While ETH goes $10 off the low [big whoop], ADA goes TWICE 250 TICKS!
… where’s that kind of action in ETH? .. I’ll tell you … unless I’m very wrong
about this, IT’S IN THE PAST! … for the most part, the alt-coins have higher
thresholds for “forced liquidations” and aren’t really a factor … add to that, they
aren’t usually like BTC or ETH, where they force you out and then scream rapidly
away from your liquidation … so you have to ask yourself who benefits from this
… it sure as hell ain’t the client now is it?
Trading for “The Syndicate” in ETH, plenty of times pre new years, I’ve captured
$25 - $50 moves up off lows in under 3 MINUTES! … so where are those bounces
now? … instead, we get these pitiful couple of dollars moves that take 20 minutes
to go $15, and that’s if you’re lucky! … ughhhhhhh! … there really are no time
constraints for crypto, like there are for traditional markets that open & close, and
shut down for a while after the New York day is complete … crypto is 24/7/365 and
never sleeps, so there is no bias for certain time zones or world trading sessions
cuz they’ve all moved in every one of ‘em! … for ETH, it’s all about its 20 Day
Range MA and whether or not it’s rising or falling … 3 weeks ago ETH had a 20 Day
Range MA ABOVE $300+ … now it sits at $195, and today’s range unless things
start to change soon, is gonna come in under $140 … sure, you can maybe excuse
the Holidays and that messes things up some, but there’s no valid market reason
why trading conditions should stink like they do … they stink cuz of new rules
handed down, mostly in BTC & ETH cuz they are the ones affected the most … I
hope conditions bounce back, but I wouldn’t at all be surprised if they didn’t.
And without some kind of “proof” that bounces off short term lows have some
meat on them, I’m gonna need to see it reflected first in the ETH market before I
go back in, otherwise it won’t be worth it cuz I’ll get trapped once it regains the
move lower again … show me you can do it ETH! … otherwise, the algorithm
loses that kind of functional trade and we have to wait until the “wind” is at the
markets back in order to get long … well, as I write ETH broke to new lows for the
day, and had a 3 minute bounce of $20 … that’s good news! … on the other hand,
ADA bounced 100 ticks in less time and you sure as hell can make more in ADA
cuz the coin is radically smaller and allows for bigger percentage gains cuz of the
leverage available, and the razor thin spread + low “gas fees” compared to how it
trades makes scalping it a favorite of mine … I’ll take what we can get, though,
and at least it’s a good sign going forward … and Turnkey’s LP’s in ETH didn’t
blow the spread out much either … less than 50 cents, so that’s another good
sign … range still sucks, but the day ain’t over either … we’ll see what happens.
As for oil, it’s pretty clear it has to break in the New York afternoon first, cuz early
breaks get bought with impunity … seriously, the entire world is long oil, and
when the proverbial “profit taking” comes, if it comes in the NY afternoon it could
be quick, vicious, and run quite few sell stops … at this point, it’s due!
No trades today in anything … overall, this is a disappointing day from a trading
perspective in 2 of the most volatile markets going … ETH & crude oil, and if it
ain’t moving properly you simply can’t trade it … onto tonight & tomorrow, and
hopefully one of these 2 markets wakes the hell up … over in crypto land, I’ll start
trading ADA tomorrow for “The Syndicate” … I’m satisfied with its action, so
it’s a “go”.
… outta here … “The future’s so bright I need sunglasses”!! 😎😎
… Onward & Upward!
-vegas
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