We continue to provide coverage on Bitcoin, not because we don’t like altcoins like Ethereum, Ripple or Stellar Lumens, but only because Bitcoin is the leading indicator. In other words, if Bitcoin goes up, all the rest will follow, regardless whether they crashed earlier this month. Bitcoin is now attempting to clear 7000 USD, and it should be categorized as breaking news according to us, even if financial mainstream media treat this as a regular news update, this is why!
As said in our recent updates Bitcoin: End of 2018 Bear Market Confirmed, Buy Signal Confirmed and Bitcoin’s Long Term Chart is Bullish our focus was that critical $6000 level in Bitcoin. The reason is that Bitcoin accelerated last October/November once it cleared $6k, and it resulted in a parabolic rise. Any such parabolic rise sucks lots of investors into the market, and, as they entered quite late (the parabolic rise is mostly the 3d phase) they are also the ones that will sell.
So as long as Bitcoin remains above $6k it is great and even breaking news!
Bitcoin successfully tested $6k for the 4th time in 6 months, and has now arrived at $7k. As seen on the chart this has become great support now. Once $7k is cleared it will be another great confirmation of the ongoing bull market.
Many investors may feel beaten down. Financial mainstream media are as negative as can be on cryptocurrencies, focusing on the wrong things like the altcoin crash. Note that InvestingHaven’s research team identified this crash upfront and warned premium crypto subscribers that a ‘puke phase’ would come so they could stand strong and resist any selling during a vicious sell off.
Here is the breaking news: Bitcoin remains in breakout area, and that is great for the crypto space in general as beaten down altcoins will follow the path of Bitcoin higher, sooner rather than later!
Of course, the vast majority of news sites and analysts do not look at it this way, so they only publish ‘breaking news’ once an exchange is hacked (absolutely meaningless to investors) or if Warren Buffet has to say something about Bitcoin (even more meaningless as Mr. Buffet has a totally different thinking and investing framework).
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