A little too fast for me...
As we can see from the massive green rally today, it seems like BTC is back to misbehaving a bit. In other words, FOMO is back in town. That being said, I'm not entirely sure this is sustainable, and we are probably going to see a considerable correction very soon.
We blew past resistance at 6400 and have hit 6900 in some exchanges already. All this has happened in one day, and from what I see on the charts, it's not cooling off just yet. One can speculate as to the reasons why this could be happening and if I had to make an educated guess, it might have to do with exchanges exiting their Tether positions, but of course I have no way of confirming this.
More Hodlers?
There are a few analysis out there that suggest that we've been cruising the accumulation zone for a while, and that there's been a massive growth in the amount of wallets that have no outputs. This means in simpler terms, that HODlers having been gobbling up all the BTC they possibly could for months.
Simple market dynamics would then explain what is happening, if the supply is lower, then we should and ought to rally, but of course this is also speculative, at least partially.
Don't forget
Some alt coins look like they are being pumped too, but make sure to look at your favorite altcoin in BTC valuation. As it so happens, still to this day BTC is what provides altcoins with liquidity, and even though many people don't like to admit, the game is always about trying to accumulate more BTC.
If you are trading, don't get too crazy, have an exit plan before you get in.
Stay safe
MenO
We've been in the bear market so long we've forgotten what BTC can do. We went from 6k to 12k on a dead-cat-bounce alone last april.
Summer is a notoriously good time for the entire economy. Retail is making a ton of money, and institutional foundations are about to come to fruition. Several tech companies are going all in.
At this point, if there is a correction it will be to $6k... but that movement is a bullish sign. The price of Bitcoin will trampoline off of its support and ascend even higher.
There are a lot of news articles calling for this correction. They are calling it "parabolic growth". To me, this is laughable. It's a 20% gain. It's nothing. We've just been sitting in the red for so long we've forgotten what it's like to get gains.
Exit plan? We don't need no stinking exit plan!
Seriously, though, I only going to be tempted to sell when it would enable a serious lifestyle change. That translates to about $500k/BTC. Even at that level I would have doubts about selling.
Posted using Partiko Android
BTC is act like so crazy right now. If will be sure done correction in BTC because just upward in BTC is not possible .
Posted using Partiko Android
I sold off a little at 6800, crazy part is on the hourly chart it's actually consolidating here, which means a dump at this spot is less likely (always possible though) so we may see a little more crazyness before getting that hard reversal that you know will come.
If by chance we spike to 7400 I'm selling a chunk.
Clearly less supply out there as many bought cheaper for the longer term and in advance of the mext halvening. There may be some interesting dynamics to come in the coming weeks!
Posted using Partiko iOS
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Hi @meno!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 5.954 which ranks you at #362 across all Steem accounts.
Your rank has dropped 4 places in the last three days (old rank 358).
In our last Algorithmic Curation Round, consisting of 182 contributions, your post is ranked at #26.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server