A good time to update the chart here, after exactly a month we managed to complete the retrace from +/- 42 to +/- 53 without much stress. For those tracking this leg higher, a quick recap of the previous swing:
So what are we trading here?
In the immediate term, we have US election risk and covid escalating out of control. This will be enough to pull the brakes on risk assets for the coming sessions from a strictly macro perspective.
Given that BTC is quickly becoming the only game in town, we can start to unwind any outstanding positions across alts benefiting from the Paypal leg and prepare for a very technical flow back towards $40.
Thanks all for keeping the feedback coming 👍 or 👎