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Investing in stock and bonds on the New York Exchange could be compared to real money gambling in some respects. Certain games require a higher level of skill, but luck is still a huge driving force. The luck factor trading stocks and bonds revolves around fluctuations in market price. If you are lucky, you bought something low and you sold it high.
The same philosophy could be applied to trading Bitcoin (BTC). The biggest digital currency in the crypto industry has been on a major rally in June. It peaked at $13,880 on June 26 according to a recent post on Coindesk and reposted on Yahoo Finance. That top figure marked a 17-month high for BTC. The all-time high was near $20,000 in December of 2017. It had sunk below $3,000 in market value as part of a tremendous slide in value.
The steady increase that was highly accelerated during the month of June could be coming to a close. The post cites “buyer exhaustion” from this crazy ride up the charts. The fall back could dip below $10,000 as the month of July gets underway. Sunday’s trading brought BTC values back down to $10,760 with the market retreat. The bulls may have taken things as far as they could the past few weeks. The reality of the bears growling at the door could take this market value even lower this week.
In business terms, BTC created a candle called “gravestone doji” on the latest weekly chart. This is comprised of a tall upper shadow that marked a huge gap between the opening price and the daily high. There is another lower shadow on the chart. This shows a very little gap between the low value and the close for the day.
The rational behind these shadows are prices that were no longer sustainable. Sellers erased all gains by driving the price back down to its original starting point. The end result of this retreat could be BTC values back down to just four digits across crypto exchanges the first week of July. Where the value goes from there remains to be seen. It could actual spark another bull run back up the charts.
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