Bitcoin Down.. NVDA Down
There has been such demand destruction of bitcoin over the past several months it's clear to see how it effects equities like Nvidia.
To explain. High bitcoin prices drive demand for miners. more miners results in higher sales for NVDA.
The reverse is also true. Lower bitcoin prices decreases demand for miners, thus lowering sales for NVDA.
My idea for NVDA earnings is short.
A Head & Shoulders pattern with a clear neckline opens up a good opportunity for a short position over NVDA earnings.
NVDA is an international company. Rising USD means lower margins.
Overall market is starting to signal a rollover from the recent short squeeze rally which also strengthens a put position on Tech.
To explain. High bitcoin prices drive demand for miners. more miners results in higher sales for NVDA.
The reverse is also true. Lower bitcoin prices decreases demand for miners, thus lowering sales for NVDA.
My idea for NVDA earnings is short.
A Head & Shoulders pattern with a clear neckline opens up a good opportunity for a short position over NVDA earnings.
NVDA is an international company. Rising USD means lower margins.
Overall market is starting to signal a rollover from the recent short squeeze rally which also strengthens a put position on Tech.
Nota
Already hit 50% profit on puts and scaled out leaving a couple runners for earnings.Strong sell signal on SPY intraday helped
Nota
Me staring at the intraday chart today.Nota
Nota
I love H&S patterns
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.