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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.