With the drop back below $10k it’s a reminder that after big moves it just does not close GREEN on every bar! We need to look at the big picture. BTC 50 period moving average just broke through the 200 on the daily. Let us take some patience now and strategize the next few positions that arrive. I want us to protect capital and be ready for the next opportunities. With February halfway through I believe it will be a ranging chop period for the next 10-14 days. Then after patience runs dry we can get a major trending move during the late March timeframe.
So in summation, we get this bounce in alts, then I would be a fader of holding many alts unless you are keen on trading for more BTC. I think there will be some serious alt drops so don’t get caught without a plan in case that happens.
During Today’s Update, I touch on everything below and more!
