BTC TOP 3
BITCOIN: TO SELL OR NOT?
Bitcoin is currently taking a breather, said Ivan on Tech on one of his crypto market updates. But one thing is clear: people are taking a step back on Greed.
Today’s Greed Index is at 75, way down from yesterday’s hype of 84.
Now the question most people have, albeit even more to new traders: TO SELL OR NOT?
Another crypto influencer, Crypto Michael, says overall the price movements are still heavily bullish.
Ever since we ran from $40k to almost $70k without any corrective move or consolidation at all, the crash yesterday could be the trigger to resolve overheating market and reset the overbought RSI down to healthy levels before continuing back up.
Given the harsh correction of yesterday, it is likely that we’re going to chop around for a little bit.
The levels to watch for a sustained bull trend are still around $57k to $59k range.
The chances of hitting $75k soon are still significant so nothing worth of major concern on the market as of now.
The Moon Carl also said no bearish confirmation seen on charts yet, the bulls are still in control.
BITCOIN CRASHES DUE TO ‘BUG’
This means the crash yesterday was not a mistake on the exchange’s end, but some institutional trader admitted to having had an algorithm bug that caused them to sell (and thankfully buy back) their Bitcoin holdings.
Now this means only two things: (1) Some people got super-rich buying that dip; or (2) Some people (market makers/institutional traders) got super poor by having sold off their limit orders.
Were you lucky enough to buy the crash?
AGAIN, IS BULL MARKET OVER?
Analysts, expert traders, and even top crypto influencers are still not convinced that was the peak. There is still a lot of room left for this bull run.
Analysts pointed out the fact that we just made a new all-time high is extremely very bullish in the short-term.
So either you hold your bags tight. Or you buy the dips.
Things are going crazy soon!
On the altcoins, there have been some coins pumping and trading around their all-time highs but has alt season begun? Not so fast.
ETH/BTC had a beautiful bounce up, however, if BTC continues running, it seems likely that ETH/BTC is going to drop again. This convinced Crypto Michael we’re not yet having the alt season even though some of the alts are showing strength once in a while.
Furthermore, he thinks Bitcoin would be getting close to $75k before we’re going to correct and consolidate enough to mark the start of the alt season. That will be the best chance to buy altcoins.
DISCLAIMER: This is not financial advice. Please do your own research.
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
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