Bitcoin is still flirting with $8000. Where do we go next?
At the time of writing, we had just entered $8000 price territory again. So, once again with the same question. Where do we go next? It seems a market retracement is a big possibility here. It’s actually possible market will go down a little bit to make a new higher low. Of course, just like every prediction out there, I cannot say this is 100% the case. Considering the bulls are still in ‘full control’, I won’t be surprised if we can finally break this year’s ATH at $8366 (Binance, BTC/USDT).
Either way, market still looks quite good for the bulls in the medium/long term. I’m still pretty optimistic we will end up this year positively. Although 2017’s all time high is still very far from current price level, but it’s not unrealistic to hit the same level by end of this year or early next year. That being said, always be careful with some market corrections
From weekly chart above, you can see how we have been ‘green’ in the previous 5 bars and even that one small red bar was almost nothing. I do expect sooner or later we will have one or two ‘noticeable’ red bars before we pump again. This is why you always need to trade carefully. Personally, hodl strategy (if you have been here since weeks ago) is still the best strategy. But, if you want to put more fiat, I suggest you to wait until BTC makes a new higher low.
and regarding bitcoin-altcoin composition, I remain optimistic with my 60-40 strategy. You can also do 50-50 (50% bitcoin, 50% altcoins). If you are not really good with crypto trading and you want more peace of mind, you can also put more than 50% of your portfolio in a trusted crypto hedge fund. I will talk more about it in the future and where you can find them.
How Safe Is It To Invest In New IEOs/ICos?
This week I also want to talk more about the opportunities to get into IEOs and/or ICOs. Well, typically they provide really great returns if you can get into them and assuming these IEOs are launched on binance. However, everybody knows the difficulty to get even just one ticket allocation on binance launchpad. Hodling BNB itself is not a bad idea and just consider your IEO ticket allocation as a bonus. It’s been a really great year for BNB and I won’t bet against it.
How about IEOs that are launched elsewhere? For now, I am staying away from them. I don’t really trust most of them. Maybe if BTC hit $15K-20K, I will look into more IEOs on other launchpads.
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