Major top or a flag for BTC?
BTC has been consolidating for quite some time. Here is the rub I have with BTC right now, it just hasn't been able to break the equity correlation it has had. Which means with all of this money printing it hasn't been doing what it was designed to do and to offset that. Which is inherently not good. Now, maybe that takes some time to really go into effect. After the last halving BTC moved sideways for some time and then proceeded to gradually go up followed eventually by a large move. This very well could happen again. However given how absolutely overbought equities are. If those were to crash it could very well drive BTC into the ground. Where to? 5k or 2k would be my guess. We won't know until we get there IF we even do get there.
For now I am managing risk and because of that I am neutral on BTC and waiting to see how things shake out.
Best of luck,
-Sherem
For now I am managing risk and because of that I am neutral on BTC and waiting to see how things shake out.
Best of luck,
-Sherem
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