Ever since November/December, BTC has largely moved sideways in a wide range from 88K-109k.

Now that we’ve bounced off of 91k again this morning, I think that sets BTC up for a big bull trap. I think that we’re likely to go to new highs either this week or before 2/21 up to the top resistances (although we don’t necessarily have to make it up there), and then everyone will buy the new highs before we go to new lows.

This is a classic distribution top here and I think we’ll see new lows by March. We can go as low as the bottom supports down $65-66k and the chart can remain bullish on the high timeframes.

I’m fully out of crypto and have only been speculating directionally by buying calls/puts on COIN (which I currently have calls on). This market has been extremely hard for most investors as they’ve been speculating in alts and most alts have continued to bleed out while BTC has ranged. I think alts will see new lows (yes, today’s move was not the bottom, and the bull market will only start once most people have given up on crypto).

I’m bullish long-term, but still bearish in the near term and plan to buy back my position sometime in March once the distribution has played out to the downside.

Good luck from here on out.

Shares:

Leave a Reply

Your email address will not be published. Required fields are marked *