BTC Chart Update
A Continued Technical Multi-Year Bull Run
Dear Readers,
It seems an interminable age as we wait for BTC to complete its cyclical high. Time and again, the upper range is tested only to meet further resistance. In terms of the immediate desire to see higher prices, it is frustrating. Yet in technical terms, where market time moves at a snail’s pace as comparable to our perception of time, all is Bitcoin normal - a multi-month range, as per the previous, still looks to be the order of the day.
But Dave, the reader might ask, what about the abnormal political/ economic environment that seems to be developing. And this would be to raise an interesting point.
On the one hand, I consider the chart to have an autonomy, a separation and logic of its own, that brackets out all the ‘news’ that all too often serves to distract. On the other hand, one eye is always kept on the larger macro-economic picture, and all technicals are hedged against… given the uncertainty principle where anything can happen.
But even in this later scenario, Bitcoin as digital gold, is itself a hedge. And when bought as a hedge, volatility to the down side in some liquidity event should only prove temporary. The investor in Bitcoin, or the hedger that buys it as they would gold [insurance] has the long term chart before them. where BTC is in the process of capitalization as an alternative currency…. something with which to hedge USD itself.
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