Bitcoin Stealthy Move Higher

By | Apr 10, 2019

Bitcoin Stealthy Move Higher

Bitcoin is approaching some interesting levels as it stealthily moves higher to the chagrin of volatility traders, who tend to lose money in slow up-ticking markets. Last February 6th, btc briefly collapsed down to $5,900 before ratcheting back up and returning back into the $8000 zone shortly thereafter.

Of course, as the year wore on, the shorts reasserted their glory & pile-drived the market into seeming oblivion as digital assets ended the year basically at their 12-month lows.

Recapturing this $5,900 level, if it were to happen, would be a moral victory of sorts, in my estimation. It would indicate that the market finally has demonstrated a modicum of resilience, frankly, we haven’t been able to muster for a long time.

You know, technical analysis is hardly a panacea, and you have to be very careful not to read too much into it. But at the same time, I do know from my years of trading experience that bigger players use these support and resistance points as a type of benchmark to price assets.

At any rate, I can’t imagine I am the only person looking at a btc chart and thinking: “If we can breach $5,900, things may get somewhat interesting.”

All day, everyday now I am learning about the crypto plumbing system being built. Capital markets are, indeed, coming to crypto.

2019-04-12T15:51:41-05:00April 10th, 2019|

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