Can We Be Bullish Again?
Plus... some headlines
In case you haven’t been watching the markets, Bitcoin has just gone through a decent month. It’s up over 23% in the last 30 days, 6%i in the last week, and currently hovers around $45,000.
Altcoins are doing well too.
Ethereum is up over 26% in the last 30, and 8% in the last week. Cardano is showing 38% for the former and 28% for the latter. Avalanche is up 19% in the last month, but down 3% for the week. Algorand is doing 19% for the last 30 and 17% for the last seven.
These are all rough estimates, and give or take a few tenths of a percentage point depending on what time of day you take a glace at Coin Market Cap (which has a wonderful app worth downloading if you’re interested in getting instant updates on the state of the crypto market).
But green, green, and more green.
So can we be bullish again?
I say—with caution. While I have always remained bullish long term on Bitcoin and the rest of the crypto sector, I think short-term sobriety is still a good idea. We don’t want to get ahead of ourselves. Bitcoin’s chart still shows resistance above the $45,000 mark. And there is resistance for the altcoins too.
Plus, the last few months have been rough for investors in all sectors. Shaken up and bruised are normal feelings right now, especially for people that bought at the top of the market, or entered in just before the steep slip.
But if you kept buying this entire time, and if you kept adding to positions that you believe in, then you’re doing well right now. You’re up, and it okay to feel optimistic.
Just keep in mind that we’re still in a volatile market. Anything could happen, and likely will.
Plus…
What if you heated your home with Bitcoin mining? That’s a novel idea…
And Russia says it might accept Bitcoin for oil and gas payments
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.