Let us get back in action with an update on the largest cryptocurrency, BTC. Currently sitting at $7560 at time of post with a market cap of $130 billion.
BTC has seen many rapid rises and rapid falls over the years which are usually followed by a slow period of consolidation. These are healthy and present good trading opportunities. This is where I believe we are entering now. These phases take time, but I expect to see positive price consolidation over the next quarter.
On a shorter timescale, although there is regulatory clarity being made whether this will have enough steam to fuel another run is different question. Especially with the declining use of BTC as represented above (amount of BTC received by top merchants). After BTC ETF’s were met with another denial (allows BTC to be traded like stocks) it had just met the 200 moving average on the daily chart for the third time since its decline has begun. The first being the start of a 40% drop. I will set a price target at $7,000. Again, this is a healthy correction before the next run. Bear markets present excellent shorting opportunities.
For the members of our private groups we have been looking at some shorts positions on ETH and BTC lately with great results.