Bitcoin: “buy not to sell”
June 25, 2019 @ 11:33 +03:00
Such a common phrase can describe what is happening in the investors’ minds. It is painfully difficult to put a comma, especially since Tuesday starts very positively for Bitcoin: plus more than 5% in the last 24 hours. Now BTC is trading above $ 11’300.
Is it too late to buy? How soon the sale will begin? Is there a chance to jump “to the last car”?
Such questions are being asked by market participants.
Apparently, the majority still chooses to try to make money on a growing asset. The boundaries of this rally will be determined by the major owners of digital currency, perfectly feeling the strength and depth of FOMO. Here you need to understand that whales “came in”, most likely at a price of about $ 3000, so it’s very important not to miss the moment of a massive rush that “lights the signal” for sale. The last time such a signal was keenly felt in the media space, when absolutely all sources of information started talking about Bitcoin at once.
The FxPro Analyst Team noted that growth this time is noticeably increasing, indicating possible prospects for the continuation of the rally. The bears could not take the initiative: after a very slight pullback, Bitcoin stopped at about $ 10’500, which only confirmed how bullish sentiment reigns in the market now. Although the RSI index indicates an overbought asset, there are no obvious signs of exhaustion of buyers’ sentiments on the weekly chart.
As previously stated, after $ 10’000 the market had to decide: either a large-scale correction or new highs. In case of uncertain growth above $ 10’000, traders could start taking profits, however, the mood is so optimistic, and the rate of overcoming new resistance levels is so great that most did not dare to take this step. Until.
In recent days, there is also a noticeable tendency to withdraw funds from altcoins towards Bitcoin. The BTC domination index reached a record 60% recently. Investors see that the main focus of the market is still on BTC, while the Altcoin stars of the past rally – Ethereum (ETH), ZCash (ZEC) and others – demonstrate significantly more modest positive dynamics. For comparison, ETH costs $ 314, and at the price of Bitcoin at current levels in 2017, the broadcast was trading at $ 465; Zcash (ZEC) cost $ 335, against the current $ 107. However, soon after, both altcoins still showed historic highs.
Against the background of increasing regulation around the world, anonymous ZCash may attract more substantial demand. The developers announced plans to “overclock” network scalability to “thousands” of transactions per second, while at the same time working on the anonymity of remittances. Recently it became known that FATF now recommends cryptoplatforms to exchange user data with transactions from $ 1000. Facebook’s token scared officials and central banks around the world, and in the nearest future we are waiting for a substantial tightening of the rules for cryptocurrency.