With Bitcoin (BTC), today's recent slump is not a surprise. We expect a gap in the CME contract (BTC1) to get filled near 8700. We also expect Bitcoin (BTC) to trade in a range between 9700 and 8700 for a while.
When a market makes a 40% rise, there has to be a consolidation phase. Preferably one that washes out weak longs who Googled Bitcoin (BTC) after the rally and then FOMO'd into a long position.
Bottom Line: Throughout 2019, we have not been a fan of chasing rallies. We do think crypto is transitioning into a phase where you can try to buy dips across the spectrum. The bet is that a challenge to the Dollar has started. The risk is that American authorities can push back hard.
When a market makes a 40% rise, there has to be a consolidation phase. Preferably one that washes out weak longs who Googled Bitcoin (BTC) after the rally and then FOMO'd into a long position.
Bottom Line: Throughout 2019, we have not been a fan of chasing rallies. We do think crypto is transitioning into a phase where you can try to buy dips across the spectrum. The bet is that a challenge to the Dollar has started. The risk is that American authorities can push back hard.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.