As market participants, we have to keep an open mind and remain nimble as new data comes in.
There’s nothing wrong with flipping our approach as the weight of the evidence shifts. In fact, we pride ourselves on never being dogmatic and always keeping an objective lens on the market.
Sometimes it’s irresponsible to not be aggressive in our positioning, while at others, there’s nothing wrong with sitting on our hands and waiting for new data to come in.
And that’s precisely where we stand with Bitcoin right now.
With prices pushing up against support from February and April, we’re anticipating some form corrective action from this impressive rally at this pretty logical level of overhead supply.
How long will this former support act as resistance?