Welcome back,
What’s up guys! I hope you all know that Bitcoin is currently trying to break its recent all-time high. At the time of writing this blog, it is trading at $123,000, which makes the current market situation very interesting. This moment is important because it will decide what happens in the coming days.
If Bitcoin is able to break the resistance at $124,500, it will exit the resistance zone and start exploring a new all-time high. Once this resistance is broken, we cannot predict where Bitcoin will stop. I personally think that there might be a rejection at that value after liquidating future traders. Traders with short positions open in the market could face heavy losses because breaking this resistance will liquidate many positions.
Now, what about altcoins? As we know, altcoins are not moving in the same way as Bitcoin. Most altcoins are still up by only 5 to 10%, while very few have increased by 15 to 20%. In contrast, Bitcoin jumped around $15,000, from $107,000 to $122,000. This shows that Bitcoin’s strength is still strong, while altcoins are struggling to catch up.
At this moment, I suggest holding onto your altcoin holdings. If you bought altcoins for the short term, you can consider booking some profit so you can buy them back when the market corrects slightly. This correction is likely in the coming days, as the market has pumped extraordinarily.
I recently sold one of my top holdings, Ethereum Finance. If you have been reading my blogs regularly, then you might be aware of my testing portfolio, where we added five to seven tokens, out of which Ethereum Finance was my top holding. It pumped by around 80%, which is why I decided to sell a little of it already.
I am planning to buy it again if I get the price point around $1.4 to $1.5, as that is a good level for accumulation right now. Ethereum is still trading below its recent all-time high, so these tokens from the Ethereum ecosystem still have a lot of scope to pump.
I am not a financial advisor, but if I were a new trader looking to invest, I would definitely consider the Ethereum ecosystem.
What are your thoughts on the market? Do share your opinion in the comments. As I always say, just hold on to your bags and do not panic. All coins will pump when Bitcoin loses its strength and money starts flowing into other currencies.
Thank you and happy trading, everyone!