May 26: It's Always Been There
Bitcoin's price managed to hold steady around $8,800 level and even almost traded $9k earlier. Some altcoins seem to have woken up such as Zilliqa (ZIL), OmiseGo (OMG), and Hedera Hashgraph, all registering 15% or more gains in the past 24 hours. In the case of ZIL, Vitalik Buterin mentioned that "like Ethereum – has a lot of room to succeed and prosper in the future." For OMG, continued momentum buying from retail and funds since its announcement of its Coinbase listing. How can I forget to mention Theta, that's up a monstrous 1000% since March 12 crash on multiple developments that are most recently driven by Binance supporting its Main net 2.0. Tell me now, who says long-tail upside multi-baggers in crypto have gone?
Strategy today? With SPX e-mini futures now just shy of 20 points from 3,000 level and the highest, it's traded since the March 23 crash, I expect Bitcoin (BTC) to follow. Expectedly, this recent sell-off has been mostly triggered by large players (i.e. whales) trimming their positions. For example, the number of addresses holding at least 10,000 BTC and 1,000 BTC has declined over the last two weeks. I also think most of them are looking to accumulate back around $6-7k region, which is why there is a reasonable chance we may not get there. Having said that, I am still biased to short (or fade) between $9 to 9.4k and start buying them back at 8.7/8.5/8k levels. Put/call ratio also remains elevated as smart money is remaining defensive.
BTC Dominance weakening as ALTS steal the limelight? Feels like some momentum to go....so ALTs to continue rallying?
BTC Put/Call Ratio still elevated.. Smart $$ expecting a lower move in the future?