Just a few weeks ago, we alerted you to bitcoin’s dramatic weekend rise above $9,000.
The flagship cryptocurrency had gained more than $1,000 in only a week, breaking above $9,000 as we marched through June. The move was the latest in a series of successive breakouts for bitcoin, which began its rampage with a now modest-looking jump above $5,000 in early April.
The resurgence over $10,000 leading into the July 4th holiday marked the latest in a series of successive breakouts (and dips) for bitcoin.
But this latest push above $10,000 has quite a few investors uttering the terrifying, magical phrase: This time it’s different.
What About the Holiday Slip-n-Slide?
Crypto trading continues to be mired by parabolic action. After streaking towards $14,000 in the last week in June, BTC again abruptly sunk back to its original breakout price of roughly $10,500.
Coindesk reporting at the time:
“In fact, the price of bitcoin ended yesterday’s session with its eighth consecutive day in the green, closing up by more than $1,200 on the day’s open of $11,375 and ending just below $13,000. The streak is a record for 2019, passing the six Green candles seen between June 12 to June 17 as the only other significant run of multi-day gains.”
Can You Trust BTC?
Bitcoin still continues to dance right above $11,000 as I write today. Perhaps we’re entering another brief consolidation period as crypto traders wait to pounce on yet another upcoming weekend rally.
Just keep in mind:
“It is difficult to find data that shows how much cryptocurrency trading is done by individuals relative to professional investors,” The Wall Street Journal reports. “But there are more institutional investors and hedge funds trading bitcoin now than in 2017. They are also among the prominent players trading futures, which in the U.S. have seen rising trading volume on CME Group Inc.”
There could be more to this rally than meets the eye.
For Technology Profits Daily,
Chief Trading Expert