AskLeo - Is "The Santa Rally" Still in Cards This Year?
About ten days ago I wrote a post about the Santa Rally that the traditional markets are familiar with and was hoping for a strong one in crypto this year as well. It's probably that Santa came earlier for 2020 though and he's now resting a bit, or he's not coming at all, afraid of the so called Coronavirus.
So, what's "The Santa Rally" after all?
Since 1970, around two-thirds of years have seen a stock market Santa rally, averaging a 1.4% gain. Bitcoin recorded massive Santa rallies in 2013 and 2017. Last year, bitcoin got a smaller late-December boost.
This year however is different. We've had bad news for XRP lately, that seem to have dragged down the market with it, some crypto regulation rumors around in the US, regarding KYC procedures for regulated exchanges, that are not too bullish, but neither bearish imo.
It might be also simply the case that the bulls are exhausted after all the months they've been running up, taking BTC to ATHs. @julianhorack wrote in his post lately that despite the formation of a head and shoulders formation on the chart of BTC we might have a break out in the following hours.
If the breakout will take BTC to the upside, then we can say that the Santa rally is still in cards, if not, well... let it rest then and fill some buying orders. It has the whole year of 2021 ahead to get to future peaks and make us all rich, or at least the ones who invested in it... I'm putting my hopes on the backs of alts.
Currently BTC seems to have found a comfy place at around the $23,500 level while the alts struggle to recover after XRP the standard drag them all down with its somehow orchestrated FUD. If the SEC wanted to ask Ripple some questions it could have done that many months/years ago. Instead, they chose the perfect time for that, two days before Christmas.
It's 00:11 at the current moment in my part of the world and that means it's Christmas time in here. Now my #askleo question of today: is "The Santa Rally" Still in Cards This Year? What's the TA, or your gut feeling telling you?
Thanks for attention, Adrian
Posted Using LeoFinance Beta
