Does this BTC rally seem unusually strong to anyone else?
bitcoin·@jrcornel·
0.000 HBDDoes this BTC rally seem unusually strong to anyone else?
# Bitcoin goes up, and it keeps going up. I'm not sure about you, but this latest rally is surprisingly strong to me. After months and months of downward price action where not even the greatest news in the world could make prices bounce, we can't seem to go down now. Looking at GBTC, which is the stock market proxy for bitcoin (it's actually a bitcoin investment trust, but just go with me here), we can see that we now have 9 green candles in a row... The last time that has happened on GBTC was... never. To put that in perspective, it's pretty rare to see any asset have more than 6 green candles in a row, it just doesn't happen without some sort of retracement, usually. Keep in mind that GBTC is not a perfect measuring tool because it only trades during market hours while bitcoin never stops trading. Either way though, it is interesting and unusual to see bullish momentum go this long without interruption. # What's more... Looking at the actual chart of bitcoin there were some major resistance levels that bitcoin just knifed through. We had a ton of resistance around the $6,000 to $6,300 levels. Well, as I type bitcoin is trading for $6,400 without so much of a pause really through any of those previously mentioned resistance levels. That is very surprising to me. The FOMO is real! https://i.postimg.cc/NfPGHtM9/700px-Fomo.png (Source: https://en.bitcoinwiki.org/wiki/Cycle_FOMO-FUD) # Why is this rally so strong? I think we have the perfect storm of sorts. We have Consensus taking place in NY right now. Bitcoin rallies on average 77% in the 2 months following the event. We are bouncing after falling by 85%. We have Fidelity opening bitcoin trading for institutional clients. We have Etrade and TDA both likely enabling bitcoin trading in the coming weeks/months. Plus we have Bakkt liking coming online in the coming weeks/months. Not to mention we are now less than a year away from bitcoin's next halving event. Add all this up and we get a rally that just won't quit! I for one am hoping for a pullback now so I can get back in! Stay informed my friends. -Doc
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