Bitcoin Above $4,000 Again
Bitcoin, with its first decent rally in some time, is back above $4k. You might call this the “Don’t Forget About Me” Rally. I’m no market technician but the 2-month chart of BTC is worth studying. We were perched at $6,300 for the longest time until all of a sudden – bam – we plunged in days to $5,500, then $4,500, then again to $3,800 where we have sloshed around up & down (mostly down) in the 3 thousand area since late November. Now we’ve left the 3 “handle”. There’s not a lot of volume between $4k-$6k and in traditional markets low volume zones tend to spark volatile moves in either direction. I wouldn’t sleep on this market – that’s all. This is not financial advice; please do your own research. Litecoin has had a spectacular week jumping about 33% since New Year’s Eve. For a Top 10 coin that’s pretty special; ETH is also doing great but how can I say this tactfully: is this all fork related? I hope not. It would be nice if the number two coin in the world had more going for it then a few random airdrops into new spinoffs. The tone of the market is respectable but we have a long way back to the proverbial “fairway”. Tax-related selling might have caused some of the end of year selling – maybe – but that excuse is behind us: let’s see if the market can do something positive.