Bitcoin Rally Endangered?

6 Jan, 2021 CryptoParrot

Specialists advise being cautious with the record-breaking rally. 

2021 started with Bitcoin flying higher than ever - way past the soon-to-be-forgotten December 2017 rally that ended shy of $20,000. The latest run has skyrocketed the King of Crypto way past its more iconic level, with many investors aiming for unthinkable levels such as $50k.  

The sentiment across traders is of optimism with an unmatched beginning of the year. However, as January rolls in, there are a couple of indicators to keep a close look to avoid being trapped in a failing asset.  

The current resistance of $30k is one such indicator. As of Jan 5th, the level was tested three times in a row. Although it held its ground, next levels as $32k had flipped its resistance. This, alongside with the moving average, might indicate a bearish tendency in the rise.  

Should the record-breaking rally start to die down, the first key indicator to keep a close look is stationed at $27.5k. No matter if you are only parroting trades in our simulator or using our platform to plan your live trades, it is important to keep a close eye on Bitcoin's movements, as they tend to bring the market alongside. 

 

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CryptoParrot

Crypto Parrot Community Mgr - Here to help answer questions, fix things & help out when needed. Got feedback? Send those bad boys here: [email protected]

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