Hello $30k bitcoin

Updated

As predicted, breaking out of the wedge will take us closer to 30k being the next and a close psychological mark. The oversold bearish divergence on the 4hr chart may lead to a correction once 30k is reached. Trade with caution.

Note

We are in uncharted territory now hence the market can swing either way so it’s best to dollar cost average (i.e. investing a portion of your capital at regular time intervals) especially for those who plan on building their first position in bitcoin. A sizeable correction is not out of the question and would be considered normal amongst experienced bitcoin traders despite the considerable institutional interest in and long-term adoption of bitcoin.

Note

However, overlaying charts from the 2017/2018 bull run should not be used to guide one’s position making considering that we have many large players that have entered the market (i.e. corporations and funds looking for a hedge against inflation and a yield) causing the current bull run whereas the last bull run was dominated by retail traders.

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