Market Update
What a month, folks! Wow. Currently, most alts have stopped rising, volume has come to a halt on exchanges like Bittrex and Binance, and Bitcoin volume is quite low as well.
We had a nice correction down to 9k Bitcoin (so damn cheap) and now the bears are being greedy and want to see it again. This has happened time and time again where people want a retest and it doesn’t happen. Personally, I think we may enter the 10k range but will not retest a lower number because all of the bottom sellers will jump back in and people who were counting on a double bottom will take their chance to get back in.
📉What is making Bitcoin go down?📉
I believe Bitcoin has been going down because CME future traders shorted Bitcoin with Wallstreet money at 20k back in December when the futures markets first opened. In order to profit the most, Bitcoin has to be nice and low when they expire on January 26th, because then they can open a LONG for February. We could easily see more chop this week, but I am invisioning a slow rise back above 12k, 13k, maybe even 14k. Regardless, I could be completely wrong, because the final decision is up to whales moving the markets during these low-volume times.
Conclusion: I am Uber-bullish on cryptocurrency for February, but we’ve still got a week left, so be safe.
Try not to sell any bottoms. We are almost through this!🚀
Thank u
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I'm holding out for Bitcoin rising again, at the moment it's so low that mining is really quite unprofitable with the cost of electricity. I'm just going to hold on to what I have until it climbs again.