Find out the latest news of our bitcoin, cryptocurrency and more on our best cryptocurrency magazine. Bitcoin has been inching higher towards the all-time highs. However, unlike the previous bull market in 2017, the euphoria and frenzy, mostly among retail traders have been absent. This is a positive sign as it shows that the current rally has largely been driven by stronger hands who are not buying cryptocurrencies to get rich overnight.
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that the current rally is likely to continue in 2021, with the major hurdle being the all-time highs at $20,000. After that, McGlone opines that Bitcoin could hit a market capitalisation of $1 trillion.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
INVESTMENT MANAGEMENT APPLICATIONS – QUIVERX INVESTMENT APP
CRYPTOCURRENCY TRADING – THE WISE TOKEN IS A GAME CHANGER!
Bitcoin broke out of the $16,000 resistance on November 12 and reached an intraday high of $16,892 on November 16. The upsloping moving averages and the RSI in the overbought territory suggest that bulls are firmly in the driver’s seat.
However, the BTC/USD pair has now reached close to the stiff overhead resistance at $17,200. This is the final opportunity for the Traders to stall this uptrend, else a retest of the all-time highs is possible.
The pair has not even corrected to the 20-day EMA since it started this leg of the up-move in early October. This shows that the rally is overheated in the short-term, hence, a dip from the overhead resistance is expected.
Therefore, traders who are left with 20% of their initial long positions can close the trade at the current levels. Any dip from the current levels could pull the pair down to the 20-day EMA. The bulls are likely to defend this level but if the rebound lacks strength, a deeper correction to $14,000 could be on the cards.
Such a correction would be bullish for the pair in the long-term because, during future declines, it will act as a floor where bulls may step in and buy. For now, the investors can remain on the sidelines and wait for the next opportunity to buy.
Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe the latest and best crypto magazine for latest updates about profit and loss in cryptocurrency.
Enjoy the issue
LATEST CRYPTO MAGAZINE HIGHLIGHTS
FEATURING IN THIS WEEKS EDITION
– Atrom Network
DIGITAL DOLLAR, EURO AND YUAN WILL BE ROCKET FUEL FOR BITCOIN, PREDICTS CNBC’S BRIAN KELLY
In a new episode of Fast Money, the chief executive officer of digital currency investment firm BKCM says the stark contrast between Bitcoin’s fixed supply and seemingly endless money printing from governments will only become more magnified as fiat currencies around the world go digital.
WALL STREET VETERAN MICHAEL NOVOGRATZ HELD OVER 30,000 BITCOIN AND 500,000 ETHEREUM AT ONE POINT
In a recent podcast, he recently answered this question and also revealed his thoughts about the Bitcoin and broader crypto market..
IBM TARGETS SUSTAINABLE FASHION WITH LATEST BLOCKCHAIN PARTNERSHIP
IBM has emerged as one of the largest blockchain consulting firms in the world. Its next target: sustainable fashion.