Seems everyone in crypto is in denial. I'll admit, I was very bullish and have made many bullish calls that haven't come true. With Bitcoin pausing its crash and NU at elevated levels versus the past 2 weeks it seemed a good time to take some risk off the table. I see the .32 zone as the natural next stop. Keeps us in the triangle and is the trendline dating all the way back to January. MACD isn't reversed yet and this single day spike isn't enough to alter the trend. We'll need to reevaluate in another week based on Bitcoin's strength. Sometimes we forget that institutions drive the market and institutions only care about the big boys (for now at least). This will be invalidated if Bitcoin avoids another tumble. However, I think it's better to miss out on a bit than to lose 40%. Neutral for now but will look to reenter down below.
Comment:
Well, I supposed I hedged my bet by saying that the idea will be invalidated if Bitcoin avoids another tumble. And it has for now. We've broken the orange triangle but the red line has held us back at every turn. If we close above it I'll return to being bullish. Otherwise expect a retest of the resistance it broke from in the .4 to .45 region.