Hello everyone, this is a daily review from Liam Webb from CryptoTradingSchoolOnline specially for Neironix.
Bitcoin has again broken to new highs today but looks to be stalling somewhat around 8000 - 8100, which could indicate that the current rise is running out of steam and that we may soon see some sort of correction take place.
At the time of this writing, the bitcoin course was equal to $8025 and the market capitalization was $143 billion.
If you look at this current rise, it's clear that selling has been taking place today. It's highly likely that this selling is the whales taking profits off their positions - which it almost always is. The questions is: are they taking profits because they think the price will keep rising or are they taking them because they think a big decline is on its way? There's no way to know for sure at the moment, but I think if we see a large decline back to maybe 7500 or around that region then that could be a signal a big decline is beginning and we'll need to take action accordingly.
As far as now is concerned, keep an eye on the price to see if it begins to drop back to 7500 or if it holds around 8000. A decline back to 7500 would indicate a bigger correction, but if the price holds above 8000 we'll probably see another rise.