Election time, BTC 12k again, dont buy into resistance
I exited BTC back in August during what i saw as the wykoff distribution on a 12hour @ 12k, this is still my working theory and that we may test 12k again but I expect a further retracement over the coming 6-12 months, along with a multi year bear market in traditional stocks.
The markets have been propped by FED and Trump needed this to win and stop the economy going into a melt down. But once he has, the markets can be allowed to correct, no loss for him to blame the pandemic and ready to pump for the next election cycle in 4 years time. But in the unlikely event he looses, thats the perfect catalyst for a big drop.
If Bitcoin can bifurcate in the next bear market then we will break 12 and long live bitcoin as a hedge on traditional stocks, for now it's just a sheep, all be it on steroids.
I'll post a monthly view after this election
The markets have been propped by FED and Trump needed this to win and stop the economy going into a melt down. But once he has, the markets can be allowed to correct, no loss for him to blame the pandemic and ready to pump for the next election cycle in 4 years time. But in the unlikely event he looses, thats the perfect catalyst for a big drop.
If Bitcoin can bifurcate in the next bear market then we will break 12 and long live bitcoin as a hedge on traditional stocks, for now it's just a sheep, all be it on steroids.
I'll post a monthly view after this election