And the award for the best bull trap of 2020 goes to Bitcoin

14 Jan 2020

Bitcoin has been pumping pretty hard in 2020. If you are a bear, you probably got rekted this week. You probably also got rekted last week. By this point, the bears are not inclined to short the market. So, is it a good idea to go long? I doubt it. Bitcoin is trading in a rising wedge and has just penetrated the top of the Bollinger Band. The RSI is also in a rising wedge. All these factor point to a correction in the near-term. I think Bitcoin will start tanking before the end of this week. A rapid rise in Bitcoin Dominance will signal the trend reversal. Why would the Bitcoin price drop if Bitcoin Dominance is rising? Because in a downtrend, Bitcoin holds its value better than the altcoins. When you see an altcoin like BSV pump 100% in one day, you should realize you are being played.