Greetings to all readers, especially to those of this great community of #LeoFinance, as many know the BTC is the dominant cryptocurrency in the market, this is mainly because it is the currency with more market value, as well as the one that generates more reliability in people, that is why many large investors decide to invest in it, this great cryptocurrency has managed to completely change both the Blockchain market and the world economy, due to the great impact it can generate in the economies of countries.
 The image used is from Public Domain, Author: Darwin Laganzon, 2016 |
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It is a great reality that currently many countries began to legalize the use of BTC as legal tender, there are many different reasons to take this kind of decisions, the main one? As I mentioned before, it can positively change the economy of a country, as El Salvador did, a country that decided to invest part of its economy in BTC, buying a large amount at a cost and nowadays it is worth much more, generating more income for the country.
In the current market the BTC is in full bullish run, after 3 months of accumulating capital and investors, its momentum allowed it to reach at the time of this article almost to overcome its historical maximum, being a really remarkable fact, since it usually took up to 3 years to overcome its historical maximums, for a better study of its behavior I will show you the following graph, belonging to the BTC/USDT.
 The Screenshot taken at:: Binance |
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In the image shown the BTC/USDT chart, we can observe several factors that intervene when performing a technical analysis, using the daily temporality, we can detail that there is a clear bullish channel that goes from the 40k to the 62k corresponding to the BTC price, where it managed to overcome 2 major resistances on the way to reach its current price.
On the other hand, many will ask is it the right time to invest? From my particular point of view it is not a good time and I explain my reasons, first it is facing the strongest resistance in the history of BTC because if it overcomes it, it will surpass its historical maximum, second for the market to consolidate it is necessary that I make its market correction, and achieve a new sideways accumulation zone to successfully overcome the resistance.
It is necessary to take into consideration that, if it makes a race without pause, it will lose strength in the middle of the race and this will generate an unimaginable collapse of the price, the ideal is to wait for the corresponding correction and enter the rebound of the price.
It is possible that many will reproach my opinion, or have a different opinion, or simply wonder what if going up? It is possible that with its current momentum it overcomes the resistance it is currently facing, but we as good market understanders, we must let it overcome the barrier, make its correction falling into the new support it would have in the hypothetical case, and wait for our confirmation signal to enter the market, and acting in a logical and cautious way, remember that it is a risky area in which the BTC is currently, and as they say in my country, better safe than sorry, thanks for reading my article, see you in the next one.
