While the likelihood of Bitcoin falling isn’t high, it’s over half and the amount of fall is a large enough hammer to make a big dent. So we sold all our positions here.
Technically, price is having a hard time breaking out above these two ceiling resistances.
If Bitcoin goes up and becomes bullish, alts will go up a 20-30%.
We would miss some of that because we are not in position.
But there will be at least one sell down where everybody can get back in at the bottom.
If we drop down before hitting $6800, you can see a clearly bearish head and shoulders.
If we break above $6800, we weaken that possible head and shoulders so we might buy back. But we have to reevaluate when if that happens.
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Bitcoin looks bearish. So we take what we can and go to cash