Get Ready to Start Actively Trading Cryptocurrency Before the Bitcoin Halving
Extremely bullish action in the cryptocurrency market and specifically the altcoin market resurgence make trading attractive. The low trading volumes, reaction to technical analysis and impending rewards halving after more than two years of bearish market action make this time in cryptocurrency's history a great time to profit.
We know from historical trends that the Bitcoin rewards halving is the catalyst for Bitcoin, and we are 99-days from the event. Short-term technical indicators include a rising wedge after the recent 30% runup from $8,000 that may indicate a decrease in Bitcoin's price following short positions. Traders may sell or take short-positions to capitalize on the bearish pattern. Whales and institutions may begin selling coins before the rewards halving to increase their holdings, so it's in your best interest to follow their trading patterns. Watch daily volume and inflows into the market to determine your move.
Some personal trading experience over the past 11-years has shown me that you must crystalize your gains as they occur. The altcoin market has surged, with blue-chip cryptocurrencies including EOS, Tron and Ethereum have spiked, and their charts look shaky. Wedge patterns are forming, and this is a good time to shift from altcoins into stable coins. When we look at the cryptocurrency market, Bitcoin's market dominance has dropped from 66$ to 65% while the total marketcap has increased to $260 billion from $255 billion from last week. This indicates that the recent altcoin rally may be speculative and that as the halving approaches, the focus will likely shift from altcoins back to Bitcoin.
I sold off my Tezos Coins this morning after a 20% rise, and crystalized the gain into DAI stablecoin in anticipation of a cryptocurrency market slump. This short-term gain came as the cryprocurrency market slumped 1% in the morning. Look for opportunity in coins with large marketcap and liquidity. The world's stock markets are being rocked as the coronavirus devastates China'seconomy, which makes up 16% of the World's GDP. Cryptocurrency is taking up the slack, and the bullish action is an opportunity for you to build wealth.
Best of luck to all my cryptocurrency trading partners out there. Keep watching the technicals and stay close the market.
Originally published in my Publish0x account I own at:
Also published in my weku and Steemit accounts I own.
Picture from Pixabay.