BTC rising wedge on the 1 hr - BE CAREFUL OUT THERE
1) rising sell volume as wedge ascends (see volume)
2) alts are bleeding - indicating lack of faith in the crypto market (BTC is very close to the 20 week SMA)
3) high uncertainty in the overall market
I don't have a target, but this is really just a caution not to FOMO into this pump.
As a long term swing trader, I'm not selling any BTC, but I am in the process of trimming my alt positions, because I think BTC does not look bullish here medium-term. I expect Q1 of 2021 to look different though, post-election - I think either Trump or Biden will usher in a new round of fiscal stimulus with a congress with newfound willingness to play ball, which will ultimately be supportive of Bitcoin, gold, silver, and equities (the primary inflation plays right now).
Stay safe!!!
2) alts are bleeding - indicating lack of faith in the crypto market (BTC is very close to the 20 week SMA)
3) high uncertainty in the overall market
I don't have a target, but this is really just a caution not to FOMO into this pump.
As a long term swing trader, I'm not selling any BTC, but I am in the process of trimming my alt positions, because I think BTC does not look bullish here medium-term. I expect Q1 of 2021 to look different though, post-election - I think either Trump or Biden will usher in a new round of fiscal stimulus with a congress with newfound willingness to play ball, which will ultimately be supportive of Bitcoin, gold, silver, and equities (the primary inflation plays right now).
Stay safe!!!