Trading Crypto Guide ™
#TUT dropped after the retest and printed a new lower low. The short was expected, and I hope you got into short-selling, with profits now floating around 14.69%. Price can make a shallow retrace, so this can be a scale-in opportunity.
#TUT gave the drop again, and moved around 20% in profits. If you scaled in positions, the 2nd trade was also in 18% profits. In these market conditions, the market is moving really well, and it is better to take major partials here.
Trading in the ETFs has been thin for much longer. Since the start of May, they have traded about $1.3B a day, well below the months before. On October 23, volume fell to about $700M, one of the quietest sessions of the year. With flows flat as well, this suggests the ETFs are adding little demand at current prices. Price is also close to what the average ETF holder paid, as we show below. Should inflows return on rising volume, it would show that demand is coming back.