Piling Into Crypto

Maybe with all the markets closed, people are so desperate to trade anything that they’re piling into cryptocurrency. In any case, Bitcoin (BITCOMP) has more than doubled in the span of about six weeks and Ethereum (ETH-X) is joining the fun.

The red line it crossed, incidentally, is a Fibonacci retracement. As with Bitcoin, Ethereum seems to have somewhat pushed past this level. Although, again, like Bitcoin, it might be overshooting it just a touch before easing lower. I’m an objective observer on this since I’m watching from a safe distance. It seems the crypto crew is starting 2021 with a huge bang.

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