I often get told than BTC defies traditional technical analysis because fundamentally it is the next big thing. I swear I have heard this line before...nevertheless, $BTC downward channel remains intact with price action oscillating around a SSR level which strong suggests range bound price action.
If you zoom it out to the weekly level, you can see the price action is uncomfortably similar to the last peak @ $20k. $BTC may be the next big thing, but don't let your pnl get thrown out with the bath water in the meantime.
If you zoom it out to the weekly level, you can see the price action is uncomfortably similar to the last peak @ $20k. $BTC may be the next big thing, but don't let your pnl get thrown out with the bath water in the meantime.
Comment:
I forgot to mention the fact that $BTC tanked at the same time as equities debunks the idea that $BTC is a hedge to traditional asset classes.
