Bitcoin breakout
Bitcoin broke out bullish from downtrend with a nice little bottoming pattern, however it is overbought if I was trading this I would wait for it to fall back to trendline then buy the dip. There is a small chance it was a false breakout however you must respect new bull trend. With that being said just because bitcoin is bullish now doesn’t mean it has good fundamentals. The crypto currencies market cap has dropped over 80% since 2017 and 33% since summer 2019. When you create more and more crypto currencies out of thin air it has the same effect as government printing dollars, it destroys the purchasing power. Even if we have another pump up I don’t expect crypto’s to make above summer 2019 resistance.
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