First time posting an idea to trading view. Read the chart's description for proposed position and reasons.
1) NVT signal (woobull.com) shows bitcoin is over valued. We cannot enter a new bull market when this indicator shows over valuation of price. Retail investors need to be convinced we are bull before BTC can go to sub 6,000.
2) Crypto market moves mostly in sync. Ripple recently touched a 50% retracement from its swing high of around 80 cents to its swing low of around 40 which brings the 50% retracement at around 60 cents. While touching the 50% retracement, Tom Demarc signal on the hourly and the 4 hour both printed a sell 9. Very strong signals for more downside before we go back up.
1) NVT signal (woobull.com) shows bitcoin is over valued. We cannot enter a new bull market when this indicator shows over valuation of price. Retail investors need to be convinced we are bull before BTC can go to sub 6,000.
2) Crypto market moves mostly in sync. Ripple recently touched a 50% retracement from its swing high of around 80 cents to its swing low of around 40 which brings the 50% retracement at around 60 cents. While touching the 50% retracement, Tom Demarc signal on the hourly and the 4 hour both printed a sell 9. Very strong signals for more downside before we go back up.