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Anthony Cooper
Anthony Cooper

Why A Trader Says Bitcoin Is Short-term Bearish...



Pseudonymous trader DonAlt said that for a short-term bearish trend to confirm, BTC ideally needs to drop below $9,300. If BTC stays above $9,500, the popular trader said short-term market bias could weaken.




Why a trader says Bitcoin is short-term bearish...


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The normally very stable Equity OIPCR is unchanged again at 0.92 versus 0.92 last week. This ratio remains well above the yearly low of 0.76 reached in mid-December, and it is still only one tick below the two-year high it reached in February. At this level it implies that equity option traders (which includes a lot of retail traders) remain quite cautious in the near-term. But, as I continue to reiterate, retail investors tend to be wrong in the short-term, and this particular ratio has a rather contrarian history in the short-term. Therefore, I see the Equity OIPCR as still moderately bullish in the near-term for the market. This ratio remains well above the 200-day SMA (currently 0.84), so I see it as still moderately bearish in the long-term.


It all started in October, when a group of crypto traders assembled in a Discord chat to focus on one of the biggest market catalysts of the year: whether the U.S. Securities and Exchange Commission (SEC) would grant approval for a hotly anticipated bitcoin futures exchange-traded fund (ETF).


Indicators are mathematical tools, developed over the years by technical analysts, that can help you predict the future price actions in the market. You can use these indicators in addition to chart patterns to get a higher analysis accuracy. But in short-term trading, some traders use only one or two indicators without paying attention to chart patterns. In fact, you can create a whole trading strategy by using only one indicator in short-term trading.


The normally very stable Equity OIPCR is unchanged at 0.92 versus 0.92 last week. This ratio remains well above the yearly low of 0.76 reached in mid-December, and it is only one tick below the 2-year high it reached in February. At this level it implies that equity option traders (which includes a lot of retail traders) remain very cautious (or even bearish) in the near-term. However, retail investors tend to be wrong in the short-term, and this particular ratio does have a contrarian history in the short-term. Therefore, I see the Equity OIPCR as moderately bullish in the near-term for the market. This ratio remains well above the 200-day SMA (currently 0.84), so I see it as moderately bearish in the long-term. 041b061a72


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