Happy New Year to you all. Bitcoin has been on the radar over the last few months having risen from around 10k each in October to today Jan 1st 2021 almost 30k each. Quite a nice triple up, I don’t think many people saw it coming, I didn’t, and I’d be a lot richer if I did. I was very tempted to put a leveraged margin trade in at around 17k for it to go at least to 20k but I didn’t do it, regrettably. Could’ve been a happier Christmas counting digits if I’d had the balls to see my hunch though.
What I would say though is that I believe that around the 30k mark is where the bull run has to slow down. The news, the market conditions etc, none of that stuff really counts for anything. When all is said and done, what you can count on, for sure, is that people are greedy and they will try to make as much money as possible. Only by the market making a correction can this happen because in markets, people like to buy low and sell high, that’s how it works. The same applies the other way around. The market surely now has to sell high and buy back in low.
I’ll be making a play towards this scenario and it’s not for me to tell you what to do or to rub my crystal ball and give you any kind of financial advice. I’m just saying that is the way I see it. Nobody can say for sure where the top is but it just can’t keep going up forever because that just simply doesn’t make any sense.
The software I’ll be using will be Bybit. I already created a tutorial about this so if you want to learn a little more you can read my leveraged marging trading tutorial.
XRP is also Interesting
Also in the cryptocurrency space having a dramatic time is XRP. XRP is a currency/token created by the company Ripple. It’s a slightly complicated topic but unlike a lot of cryptocurrencies such as Bitcoin and Ethereum, it’s not decentralized. With XRP, Ripple created it and owns the lions share of it. So now, the SEC (Securities and Exchange commission) have created a lawsuit against Ripple for raising funds for their company by selling their token as a currency – as opposed to a security. Quite a serious allegation that has serious implications depending on the outcome. Also I would say an allegation that has come about 5 years too late. I don’t think they have much of a leg to stand on, they have allowed the situation to play out. Anyway, this has caused the XRP price to tank. It’s only seemingly being propped up by the fact that Bitcoin is rising and rising and won’t quit. While XRP and Bitcoin have a correlation, XRP has become more unhinged from Bitcoin lately. Normally, when Bitcoin goes up, the whole cryptocurrency market goes up with it.
The way I see this market is that Bitcoin is the only thing propping up the price of XRP right now, even though XRP has become more unhinged from Bitcoin, when Bitcoin dumps – which it will, which it Has to do, then XRP will become a lot cheaper than it is right now. So this creates a buying opportunity for XRP during the Bitcoin dump – I would say.
While XRP is currently having issues with the SEC, whatever the outcome and ruling of this case, I would say that it will still exist and the price will recover.
Ok that’s my little cryptocurrency blurb, hope you liked it. Maybe you think I’m talking nonsense or maybe you might agree with me a little bit and see that I am in fact just trying to help you in my own little way. Please pitch in on the faceboook comments and tell me your thoughts Happy trading.