Watch Crypto When Bitcoin is Up and Market is Volatile
I have been observing the movement of Bitcoin Price over the last 2 trading days, and some of the crypto stocks.
It seem like when Bitcoin is trending upwards, crypto stocks also have good upwards trend.
This is how these Crypto stocks have performed. Silvergate Capital (SI) would be an exception as they are still borne down by the banking crisis.
How I have traded Marathon Digital Holdings Inc (MARA) on 17 Mar 2023
To further prove whether my observation is correct, I decided to trade $Marathon Digital Holdings Inc(MARA)$ . A small gain of 3.1% is obtained or 25 cents gain.
I decide to enter at around 9.41am when Bitcoin was starting to experience a short downtrend. I was looking at both MARA chart and the Bitcoin price chart.
As you can see Bitcoin was experiencing a short downtrend from around 9.30am, and so I decided to enter 10 mins later.
The pick up was not much. The actual pick up is After Hours where Bitcoin reach a new High at $27,730 at around 6am 18 March 2023.
Marathon Digital Holdings Inc (MARA) After Hours
MARA actually reach its high at $8.68 around 6.49am on 18 March 2023, whereas Bitcoin reach its High at around 6am.
How we can find the right time to buy and sell
From the above observation, there seems to be a time lag before the price of Marathon Digital Holdings Inc (MARA) goes up, when Bitcoin was upwards trending to a new High.
More trades and observations needed to prove if the relationship is true.
I would observe how Marathon Digital Holdings Inc (MARA) would be trading on Monday (20 March 2023), since Bitcoin is on its upwards trend over the weekend so far.
But do be cautious as Bitcoin price movement is very volatile, watch the news closely on Bitcoin.
Do like, comment and share this article if you find it useful. This is one of the way we can trade using Trading View publicly available indicators, and also Tiger Brokers app.
@TigerStars appreciate if you could feature this article so that fellow tiger would benefit from my trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Technical Analysis, and there are many other indicators that need to be look at together. (e.g., Price Action, Volume, etc.).
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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