Posts

Are We About to Get the Second Wave of Selling BTC?

avatar of @cryptictruth
25
cryptictruth
@cryptictruth
·
·
0 views
·
2 min read

Bitcoin's price recovered on a bit this morning to about $36,000 after sliding to about $30,000 on Monday. That continues and BTC is sitting at $34,400. So can we expect more selling or are we going to recover and go back to the highs?

Looking on longer and medium timeframes I think we will get another run towards the high, but there is a good chance it's a dead cat bounce and after the dust settles we trade around the $25,000 mark. BTC has risen more than 13% in a week, 92% in a month, and about 340% in a year which for any investment is amazing.

I think a major factor that is still unknown is if we will see the central banks continue to flooded markets with money due to the coronavirus crisis. If this happens I think it may be the catalyst to push us back to the highs eliminating the dead cat bounce as investors look for gains as the banks erode more value from the dollar and people invest their stimulus money.

The real fear is we get a repeat of the last boom and bust cycle were so many of us were burned. It's a real fear and there are two thoughts on the current market. One being enthusiast saying this time is different because we have institutional adoption. While the other is saying that bitcoin is the next dot-com bubble which is currently bursting. I am cautiously optimist that this time is different, but you can't be so stuck in your ways when trading. I'm trying to trade the charts.

The charts showed we would get a pullback after we passed $40,000 so this drop has not concerned me yet. I think if BTC breaches $30,000 we will get an acceleration selling. My average is well below $20,000 so I'm I have a stop on $30,000 to lock in some gains.

I think the next couple of weeks will be critical for BTC and the alt-coin season we are all hoping for.

I will say I did pick up about $2,000 of ALGO to collect the APR while it is range bound between $0.39-0.43. I'll be waiting to see what happens over the next couple day, but at this point it's looking like i might take some cash and buy some more Hive/LEO if the market does not continue it's bullish move.

Posted Using LeoFinance Beta