Bitcoin FOMO is back on track

<div _ngcontent-c16 = "" innerhtml = "

If there's anything worth talking about today, it's definitely the Bitcoin cryptographic space that went through $ 7K and is trading near $ 7,500 We are still down -47.85% but the move of $ 600 in sixty minutes (yesterday) for Bitcoin has been remarkable.The sellers in the OTC market are keeping their Bitcoins at bay because they believe the price will be destined to rise On the other hand, buyers are eager to find sellers so they can buy lows and sell highs.

(Photo by Alberto Pezzali / NurPhoto via Getty Images)

The question is : what instigated this move?

As I said yesterday the conditions of the suppressive bear market are fading and with yesterday's move (especially if the momentum continues at this rate), it will only be a matter of time before the bear market is completely forgotten. "Remember, the ele chin FOMO (fear of losing) for Bitcoin is very strong and drives the commercial action aggressively. The regulatory space is becoming more digestible for crypts, countries like Japan that have shown a much harsher attitude to criptos in the past are becoming more friendly. For example, the fact that SBI, an important financial company in Japan, has opened its encrypted exchange for traders says it all.

But to narrow the focus on a specific event that triggered this move I would go for Blackrock. The largest provider of funds traded on the market and asset manager is thinking of venturing into the world of criptos. When Goldman Sachs announced his encrypted trading desk, we saw that their competitors would not be reticent. Of course, these larger institutions have not yet had the chance to enjoy the crypts-parties and now they are there. Although Blackrock's CEO did not fully support the rumors after the report, it is quite logical that the world's largest asset manager, Blackrock immerses himself in the encrypted world because we are now in a phase in one can use various techniques to form cryptocurrency evaluations.

Another event worth keeping an eye on today is the discussion of the Congress on criptos. The subcommittee of the Committee on Agriculture and the House's financial policy will discuss both digital resources and cryptocurrencies as money. Any positive attitude towards the encrypted would have the potential to further fuel the crypt rally.

In terms of technical analysis, the next major resistance for Bitcoin is $ 7,749, the maximum of 7 th in June. In a daily time period, the price is having a battle with its 100-day moving average, which is at $ 7,495. The 200-day moving average is trading at $ 9,575 which would serve as the next resistance. Obviously, the price should first cancel the psychological level of $ 8,000 before addressing the 200-day moving average.

In terms of volume, it has reached a maximum of 3 months since the price has eliminated the $ 7K mark. This tells me that the current move is here to stay due to serious convictions behind

$ 600 in sixty minutes ThinkMarkets, Twitter: @ NaeemAslam23

">

If there's something which is worth talking about today is definitely the cryptographic space Bitcoin has exceeded $ 7K and is trading close to $ 7,500. From the beginning of the year we are still down -47.85% but the transfer from $ 600 in sixty minutes (yesterday) for Bitcoin has been remarkable The sellers in the OTC market are keeping their Bitcoins at bay because they believe the price will increase On the other hand, buyers are eager to find sellers so they can buy at low prices and sell highs.

(Photo by Alberto Pezzali / NurPhoto via Getty Images)

The question is: what has instigated this move?

As I said yesterday, the market conditions Suppressive bear are fading and with yesterday's move (so especially if the momentum continues at this rate), it will only be a question of me before the bear market is completely forgotten. Remember, the FOMO element (fear of losing) for Bitcoin is very strong and drives the trading action aggressively. The regulatory space is becoming more digestible for crypts, countries like Japan that have shown a much harsher attitude to criptos in the past are becoming more friendly. For example, the fact that SBI, an important financial company in Japan, has opened its encrypted exchange for traders says it all.

But to narrow the focus on a specific event that triggered this move I would go for Blackrock. The largest provider of funds traded on the market and asset manager is thinking of venturing into the world of criptos. When Goldman Sachs announced his encrypted trading desk, we saw that their competitors would not be reticent. Of course, these larger institutions have not yet had the chance to enjoy the crypts-parties and now they are there. Although Blackrock's CEO did not fully support the rumors after the report, it is quite logical that the world's largest asset manager, Blackrock plunges into the cryptic world because we are now in a phase in one can use various techniques to form cryptocurrency evaluations.

Another event worth keeping an eye on today is the discussion of the Congress on criptos. The subcommittee of the Committee on Agriculture and the House's financial policy will discuss both digital resources and cryptocurrencies as money. Any positive attitude towards the encrypted would have the potential to further fuel the crypt rally.

In terms of technical analysis, the next major resistance for Bitcoin is $ 7,749, the maximum of 7 th in June. In a daily time period, the price is having a battle with its 100-day moving average, which is at $ 7,495. The 200-day moving average is trading at $ 9,575 which would serve as the next resistance. Obviously, the price should first cancel the psychological level of $ 8,000 before addressing the 200-day moving average.

In terms of volume, it has reached a maximum of 3 months since the price has eliminated the $ 7K mark. This tells me that the current move is here to stay because of serious beliefs behind it.

$ 600 move in sixty minutes ThinkMarkets, Twitter: @ NaeemAslam23

Source link