Its been a while since I posted anything significant here. No, its NOT because of the Bear market and BTC has been going down and I've been going through depression, No! - In fact, if played right, there are opportunities to make money in a Bear Market as well. Just that I've been pre-occupied with some personal stuff and couldn't really be much active here.
Anyway...
After 52 days and a 70% pullback, Bitcoin bounced yesterday with some of the highest volume we've ever seen.
One of the key support areas was at $8800 which BTC just broke and kept going down. The expected capitulation bottom was at around $5700 USD.
You'll note that we saw the bounce a little closer to $5900 across exchanges, but then $8800 (previous support) acted as massive resistance on the way back up.
IMPORTANT: We are still in a downtrend on BTC until we can break out of this channel and move north of $9k. We're not quite ready to unload into fresh ALT positions or go long on BTC - we're being patient. (but on a side-note, looking at how things are forming up, its likely we could possibly see 9K by tomorrow or day after).
From a fundamental perspective we're quite bullish. SEC provided a very optomistic outlook on cryptocurrency and there's a lot of good news making the rounds right now.
The CFTC Chairman quoted:
“We owe it to this new generation to respect their interest in this new technology with a thoughtful and regulatory approach.”
For some added perspective, the reason the United States isn't really prioritizing crypto investing regulation is because the reality is, we're still such a small market.
In just the last 7 days, the US Stock Market saw over $4 Trillion get wiped out - 11X the size of the entire cryptocurrency marketcap. Needless to say, we're only just beginning.
