ridethepig | BTC Market Commentary 2019.12.20
Updated
BTC volumes are impressive and longs starting to follow through notably more aggressive ahead of CME.
Even if the Global reflation theme materialises next year, as many are outguessing, while this artificial USD devaluation would help support growth in the short-term, the erosion of confidence in the establishment and monetary system will have significant consequences. When markets realise the Fed has been funding the Whitehouse BTC will effectively become a hedge against governments. Look to buy on dips towards 7100, while a break of 7500 would trigger momentum and further encourage the view.
Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance.
Thanks all for keeping the support coming with likes, comments, questions, charts and etc. As usual jump into the comments with your ideas and views to open the discussion for all!
Even if the Global reflation theme materialises next year, as many are outguessing, while this artificial USD devaluation would help support growth in the short-term, the erosion of confidence in the establishment and monetary system will have significant consequences. When markets realise the Fed has been funding the Whitehouse BTC will effectively become a hedge against governments. Look to buy on dips towards 7100, while a break of 7500 would trigger momentum and further encourage the view.
Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance.
Thanks all for keeping the support coming with likes, comments, questions, charts and etc. As usual jump into the comments with your ideas and views to open the discussion for all!
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