Been bullish on BTC since the 15 day SMA crossed over the 50 day SMA. I missed last weekend's action because I wasn't really expecting any type of movement. The last few weeks have been dead. I got back in today $8100 once I saw that it broke through the $8000 resistance. Marked my new resistance at $8400. Exited at $8340.
The question is where do we go from here. I still think this is a bull trap. Regardless of whether or not the fundamentals are stronger now that we have QE unlimited, it doesn't change the fact that the global economy will be trash for the forseeable future.
Historical action isn't supposed to matter but I am curious to see the history on pullbacks after a 5%+ rise. My work for tomorrow.
The question is where do we go from here. I still think this is a bull trap. Regardless of whether or not the fundamentals are stronger now that we have QE unlimited, it doesn't change the fact that the global economy will be trash for the forseeable future.
Historical action isn't supposed to matter but I am curious to see the history on pullbacks after a 5%+ rise. My work for tomorrow.