Recent Price Drop Is a Healthy Pull Back for Bitcoin

dan saada By dan saada June 29, 2019 Off
Bitcoin Hype

While speculation is at par with gambling, with sufficient patience, it is possible to create wealth by diversifying the investment portfolio.

There are certain foundational concepts in personal finance, which should not be overlooked regardless of whether you are investing in Bitcoin, TCAT tokens, ETH, Litecoin, or whatever.

Despite the volatility, several cryptocurrencies like the Bitcoin are showing their resilience.  The frenzy over the Bitcoin was such that it touched up to $14,000 on Wednesday, which is the highest ever since 2018. Ultimately, the price hike was wiped out.

While continuing in the battle of massive volatility, the price of the Bitcoin is in the uptrend.  The macro price action has been closely watched, and the bulls continue to be in action.  The crypto will continue to climb higher, and the recent price drop is a healthy pullback.

Josh Rager, a famous cryptoanalyst, stated, “After a few DMs from people selling out of fear yesterday, I want to remind you of something. Bitcoin is in an uptrend. Don’t believe me? I circled the last uptrend for you as well as the current uptrend. Probably 1/6 way to the top right now, IMO. It’s going to be okay.”

The weekend trading session has already kicked off, and the traders will likely garner greater insight as to whether the price of the Bitcoin will progress beyond the already established all-time highs.

The 20-day Bollinger indicated decreased market volatility for ETH/USD.  The daily price trend is progressing towards a flag formation.  The market momentum is turning bearish.

The price of the Litecoin has been going further down, and the start of the downtrend is beginning to show a five-wave structure.  Before the downtrend can be confirmed, the price should go down below $109.  The price is retesting at $122.32.  After a notable horizontal level is achieved, a further downside is expected.

Recently, TRON had an exciting day, and a massive 42 million in the worth of TRON was transferred from Binance to an unknown wallet. Stellar lumens have not fixated at a particular point so far. Investors who buy at lower rates for future gains can ideally buy it now.  The EOS, regardless of everything happening in the cryptocurrency market, did not exhibit a kind face, and it has lacked in luster. EOS is down by 15%, and the price broke the $6.00 support area.  The overall market cap of the cryptocurrency space has now declined.  An upward movement for Bitcoin is possible only with a decent closing price.