Caution Warranted In Crypto

Caution is warranted here in crypto with Bitcoin living under the 200-day moving average and Solana forming a head and shoulders pattern. I'm currently cash and looking for a reentry off a fresh setup. In prior cycles, Bitcoin has exploded higher in the post-halving year and corrected sharply in the presidential mid-term year. While there are many fundamental reasons to be bullish on crypto, I never argue with the tape. Bitcoin breaking down and failing to rise above the 200-day moving average is a sign to be cautious for me. Solana also forming a head and shoulders pattern on the daily time frame. My decision to go to cash is simple. First, I have been holding onto Bitcoin for years now and want to make sure I lock in my profits. Second, I can always get back in either at a higher price off a fresh setup or at lower prices off a bottoming pattern. Either way I can purchase Bitcoin. However, it just doesn't make sense to hold onto anything that is showing weakness and living below the 200-day moving average.

Risk right. Sit tight.

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