We went from $12,000 to $13,000 in a blink of an eye. OK, maybe not in a blink of an eye, but within 24 hours. A couple of days ago, I wrote a post explaining that I thought the $11,850 daily supply zone was going to be breached and that I was my immediate target was $12,500 from a technical analysis standpoint.
But when you get the technicals, fundamentals and sentiment in alignment it creates a situation for some explosive moves in either direction.
Bitcoin is now trading above $13,000 for the first time since June 2019. The Paypal news along was good for a $1000 price surge.
In an attempt to say par with Square, yesterday Paypal announced it would begin supporting cryptocurrencies for the first time. Starting later this year, users of Paypal/Venmo will now be able to store, buy, and sell popular cryptos. This announcement was big as it was another step towards cryptos being adopted by the Masses.
What I would welcome at this point is some consolidation, but retracing back to the origin of the strong demand at $11,600 isn't out of the question. Either way, don't fret, use it as an opportunity to add to your current positions with a next target at $17,000.
LeoFinance is a blockchain-based social media community for Crypto & Finance content creators. Our tokenized app allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
| Track Hive Data | New Interface! | About Us |
|---|---|---|
| Hivestats | LeoFinance Beta | Learn More |
| Trade Hive Tokens | Hive Witness | |
|---|---|---|
| LeoDex | @financeleo | Vote |
Follow @leofinance for official updates