Very early this morning, Bitcoin rose about 1% from the 18 of lows to the 18 of highs on the 2-hour chart. Even this move was quickly rejected, and the price dropped back to below the narrow 18 average of lows. It's currently around 6400. Based on resistance levels and other indicators, I don't expect Bitcoin to make any significant moves upward today. I'm keeping an eye on it to see if it drops down to the lower 6000's. There's been support in that general area several times already, and I don't know if it can hold out for another bounce if/when it revisits.
Even though I only have a small amount of BTC, I like being hedged 50 percent in USD equivalent crypto, 50 percent in BTC. That way even if it drops a large percentage, I have the option of buying that percentage amount worth with the USD crypto, and still have the same dollar amount worth of Bitcoin.
As a disclaimer, this is just what I think of the current market. Please don't make financial decisions based on what I'm saying. Don't take this as financial advice, but look at the markets yourself before doing anything.
will we see bitcoin do what it did again last year?
I don't think anyone can predict that, but as for myself, I think it may be a long time before anything like that happens again, if/when it does.
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