RE: Bitcoin: EXPECT the UNEXPECTED
Markets have a way of doing the opposite of what the consensus is. I watch the US Commitment of Traders (COT) weekly futures report to see what the speculators are betting on and what the smart money is doing with respect to many commodities and currencies. Almost every time the speculators get extremely bullish/bearish on something, it's a high probability bet the opposite is about to happen.
To my knowledge, BTC isn't being included in this weekly report yet. But, since Bitcoin bottomed at around 6K, the general thought has been looking for evidence to declare the all safe.
Let's see what happens. Since the alt coins follow Bitcoin, it could be another great time to buy them. The issue for me always is that I'm fully invested in cryptos holdings. I generally don't trade them. So, unless I can continue to fund positions from my monthly cash flows, opportunities come and go....
Where do you watch that COT report? Never heard of it.
Something I find very interesting is to check the total longs in bitcoin vs the total shorts.
You can't watch it overall but you can watch one of the biggest exchanges like Bitfinex. Ticker is: BTCUSDLONGS and BTCUSDSHORTS in tradingview.
I believe most alts are almost near the bottom. However, if BTC goes down, alts will follow so there is no point to start a position yet till BTC shows where is headed.
This is short term, of course. If you're willing to hold for months, right now is a great price to jump in most projects.
When the weekly COT report (comes out Fridays based on Tuesdays data, as I understand) shows something significant, one of my financial newsletters will include a particular sector, usually for Gold in an article. I tried to find the reports directly once, and it was very difficult. What I got was something that was difficult to understand at all. So my newsletters must take the data for the charts they show and put it into an easy to read chart. Here's an example from my Tradestops.com subscription last week.
I'll take a look and i will tell you what I see, okay? Thanks for the info and your daily support as always.