What a day!

I've been so busy today that I wasn't able to squeeze in time for a post.

However, I decided to look away from the market for the time it takes me to write this post. So please read it and share, as this really helps my blog.

Ok. So in this post, I'll be looking at why the heck bitcoin rallied so hard, whether you should short or long and if the price action will continue. Also, I'll tell you whether or not you should be buying up alts. Stay tuned!

So first question. Why the actual heck did bitcoin rally so hard out of the blue?

The answer lies, as always, away from the chart. 

With stocks ranging sideways for a while, many people actually sold their stocks and moved the money into Bitcoin.

As I outlined in my post yesterday, this was fresh money coming into the market. Fresh, brand new buyers. Thee only way was up for the price.

However, vertical uptrends don't usually last very long. The price broke through very important resistances like a hot knife through butter, and this is another reinforcement of the fact that the buyers were fresh. Noobs if you might.

Now, I don't fancy predicting prices at all. I like to react to what price does, rather than try to bend my rules in a prediction.

But I would say that the uptrend has started to die down. The volume has been on a steady rise(1.5Billion dollars on Binance), but the RSI hit a high if 97 today! That's a pretty bearish sign to me, and while buyers might push the price up a bit, all the way up to 8.5k, we will face a tough resistance there. Failure to scale through means back to 7.7k for us.

So should you buy alts instead? They're really cheap now, and would soon bounce once Bitcoin settles.

The straight answer is no. I'm down 11% on some of my alt bags, and I bought these on daily lows. Alts are deteriorating now, and if you haven't bought before, now isn't the time.

I however would advise that you buy alts when the price has started showing signs of a real uptrend.

The alts in my bag right now are :

• XTZ
• ALGO
• DATA(up 50%, I caught that move like a champ)
• SOL
• BEAM
• LINK
• LEND

I don't advise you blindly buy these cryptocurrencies, but if they fit your trading plan, by all means go for it.

Anyway, that's my market recap. I won't be touching on ETH because that coin is just nuts. I'll wait for it to consolidate a bit before addressing it here.

As always, thanks for reading and stay safe!