Nearly Half The BTC Market Cap Changed Hands In Last Day
BTC market cap is 120B, its 24 hour volume is 53B, so almost half the entire market changed hands in one day. That means wait for a squeeze consolidation because it's still in redistribution.
I do think this is a great dollar cost average area long but only after the volatility is decreased.
I have a short bias intraday. I have my eye on hash ribbons to see when miners are finally in capitulation because that should help put a floor on price.
The travel ban is not going to help cryptos, anything bad for the economy is not going to help BTC.
On the bright side defi is continuing to lock up more and more crypto at a faster rate meaning it will eventually eat into the supply of crypto faster than it is mined, so there is a parabolic event that will happen eventually.
Also the halving is going to create bullishness in a few months.
I am still sticking to my plan to hold my long term account to the end of 2021 and in the mean time and just treating cryptos like any other trading vehicle.
I do think this is a great dollar cost average area long but only after the volatility is decreased.
I have a short bias intraday. I have my eye on hash ribbons to see when miners are finally in capitulation because that should help put a floor on price.
The travel ban is not going to help cryptos, anything bad for the economy is not going to help BTC.
On the bright side defi is continuing to lock up more and more crypto at a faster rate meaning it will eventually eat into the supply of crypto faster than it is mined, so there is a parabolic event that will happen eventually.
Also the halving is going to create bullishness in a few months.
I am still sticking to my plan to hold my long term account to the end of 2021 and in the mean time and just treating cryptos like any other trading vehicle.
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