Bitcoin shot past the $7,150 mark, within hours after its open on Thursday. Traders who caught this jump would have made a lot of bucks in very less time, while those who missed it would be heartbroken. However, our advice to those who missed out this trading opportunity in BTC would be to fret not, as this upside was only momentary. A much bigger move, not towards the moon though, is impending!
Bitcoin rose more than 7% today, should you buy BTC now?
- The day’s range for Bitcoin is $6,472.67 — $7,150.12. It not only recovered from yesterday’s low but also made new highs.
- Bitcoin halving takes place every four years. The last halving took place in 2016, which was still early stages for Blockchain. However, things have changed significantly this time around. Blogs on BTCUSD trading and ‘How to make money from Bitcoin‘ are going haywire. Google trends spill out that ‘Bitcoin,’ ‘reward halving,’ and more such keywords are trending at an all-time high.
- However, it might not be the perfect time to buy Bitcoin. The simple reason is: BTC is too much overvalued, as of now.
Let’s take at when would be the perfect time to buy BTC
The hourly chart shows Bitcoin’s rise past the coveted $7,150 mark. However, there was no strong resistance in between which the BTCUSD broke. Hence, the upside move was not that spectacular. The real resistance lies at $7450. Breaking that would indeed be a great deal.
Now, if we take a closer look, and open up the weekly chart, we would find that BTC created an Inverted Hammer, at the end of an uptrend. This is a very strong Bearish reversal indicator. And with no strong fundamental to back Bitcoin up, it would likely fall. The fall could be as deep as below $4,000. And that would be an excellent point of entry for Bitcoin enthusiasts.
However, our advice to those who missed out this trading opportunity in BTC would be to fret not, as this upside was only momentary. A much bigger move, not towards the moon though, is impending!