Connect with us

Bitcoin

Bitcoin News: Will $6000 Hold?

Published

on

Bitcoin news
READ LATER - DOWNLOAD THIS POST AS PDF

Our bullish enthusiasm certainly got tempered after Bitcoin dropped $300 yesterday on no new Bitcoin news. The Bitcoin price just could not break through the 6500-6600 resistance zone. As usual, what can’t go higher must go lower.

The problem has been very light volume as many traders are on the sidelines waiting for Bitcoin news. We have the Bitcoin ETF approval coming up on September 30th and many traders don’t want to press their bets. The lack of volume also creates problems where the whales come in and can move the market and spook many longs out of their positions. I, for one, was positioned pretty long expecting the next leg to be higher. Unfortunately, the price has come down and I will just have to HODL my core position and wait.

While I am waiting, I am contemplating what the next move shall be.

Bearish case

So let’s say Bitcoin takes out the 6100 double bottom on the charts as shown on the BitMex chart.

Do I press a short or do I wait and average in a long? If we take out 6100, we will most likely test the 5740 lows. If 5740 fails, the target for a lot of traders is 4820.

I believe the correct course of action is to average in on a long. I will scale in bit by bit as the price drops. The reason? Because wherever it bottoms, I think we will see a very significant price bounce and recovery and it will happen rather quickly.

Why not short?

My main reason for not shorting is that I cannot be sure when the break will come. I don’t want a short triggered and then I get into a short position when I am a sleep, the market collapses, but then stages the rally I am looking for. I don’t want to position short, not at these levels. The best thing I can do is throw limit orders to buy around 5800, 5700, 5500, 5000. This way I am averaged in, especially if a flash crash happens. This could be the most likely scenario if we get panic selling on new lows. The good news is that if this happens, there is a lot of money on the sidelines waiting to buy. That’s why I am not worried if the market goes lower.

Psychological effect

The biggest issue I have with prices back around 6250 is psychological. This bear market is wearing down a lot of people. I can tell because Google search traffic is down. Crypto investors are just not following their coins like before. The bear market has decimated many investors with many having losses greater than 90%. To recover their losses, the coins need to rise 1000% or more just to break even.

Gameplan

The best spot to be right now is on the sidelines in fiat or Tether. I am HODLing Bitcoin at these levels and will buy more as the price drops.

Bottom line

My team and I are watching the markets closely waiting for next big move. To hear more of my thoughts on the crypto markets, tune into my interview with Crypto Rich on his YouTube channel. Hope you like it.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Charts courtesy of Trading View

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

Continue Reading

Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

Published

on

altcoins
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

Continue Reading

Elite