Avoiding FOMO: Bitcoin Resistance and Hive Market Insights

Avoiding FOMO: Bitcoin Resistance and Hive Market Insights

By Profittrader | MARKET SIDE | 8 hours ago


Looking at the crypto market at the moment, I already know that many people will FOMO in. It's a normal thing in the market. When prices are quiet, you don't care to buy, but you remember to get in out of fear of missing out when the market is already at a resistance level.

​Well, it's a normal play in the market by retail traders trying to catch the trend after it is already cooling.

​Bitcoin at the moment is at the $77k price level, experiencing strong resistance with sellers and profit-takers playing around this territory. If the price successfully breaks above this level and also holds above $84k, that signals a market shift and trend change.

​Hive jumped following Bitcoin's surge in price. I woke up to see my short position on Hive taken out, and thankfully, I locked in my profits by trailing my stop.

​That's why it's always necessary to use stops and lock in profits when you see them; otherwise, you will give them right back to the market.

​Observing Hive's price movement shows how quickly prices rebalance immediately when Bitcoin is bullish. If this momentum continues, Hive's price might cross $0.15 in a short period of time.

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Profittrader
Profittrader

A writer, a trader and a market Analyst


MARKET SIDE
MARKET SIDE

This blog is all about market analysis and predictions of what might likely happen in the market. My dealings are mainly on cryptocurrencies, Gold and Euro/usd. Please understand that all the analysis on the blog is for educational purposes only, and does not constitute any investment advices. Therefore make your own research before taking actions on analysis found on this blog.

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