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Over the span of the last weeks the cryptocurrency market has managed to completely change its trend. From the daily falls and agony surrounding the markets, investors are now witnessing a continuation to the bull run that had halted back in April. Bitcoin has managed to break several resistance levels and has surged past the $40,000 mark and is looking strong for a larger rally.
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Bitcoin Surge Continues, what should investors look out for?
Over the span of the last weeks the cryptocurrency market has managed to completely change its trend. From the daily falls and agony surrounding the markets, investors are now witnessing a continuation to the bull run that had halted back in April. Bitcoin has managed to break several resistance levels and has surged past the $40,000 mark and is looking strong for a larger rally. What should investors do now? Is it a time to sell your holdings and book profit? This article will help you answer some of these questions and will also help new investors get started with buying their first cryptocurrency. As an example, we will consider Bitcoin and will be showcasing a way to buy Bitcoin in Canada.
Let’s get started with a few points to look out for from an investor perspective.
1) Breaking Resistance LevelsThe fact that we are witnessing a surge in the prices of Bitcoin and other cryptocurrencies is directly related to a few factors, firstly, it is possible that the markets were oversold and investors are just looking to now buy into the market with a long-term view or there has been some major news regarding cryptocurrencies as a whole which has caused a surge in the market. Whatever the reason might be, to witness a strong upward rally it is important to break crucial resistance levels which Bitcoin and many other cryptocurrencies did during this upward movement and this is a very positive signal for the crypto market.
2) Sustaining Current levelsThis is a very important factor, if the surge in the current market is not genuine then we could again witness sharp falls back to the lows that were witnessed 2 weeks ago. To validate this surge, it is important for Bitcoin and other cryptos to sustain the current levels at which they are as of this day. Minor corrections are a part and parcel of trading but any fall below the 10-15% range from the current levels must turn investors cautious.
Should you sell on every rise?It’s always advisable for investors to book their profits in a market that is as volatile as this one. However, my advice to someone who bought these currencies at a lower level would be to sell half their holdings and stay invested with their other half as we might witness a strong bull run ahead.
If you are someone who is looking for stability but also wants the benefits that a cryptocurrency has to offer then you can always invest in stable coins like Tether. If you want to know how to buy Tether in Canada or buy any other cryptocurrency then all you need to do is log onto the Netcoins website and follow these instructions. First, you need to provide your personal information to open an account. Then, you need to get your details verified. After this is done, you can transfer money into the wallet and begin trading.SOURCE CREDIT: https://netcoinscanada.wordpress.com/2021/08/02/bitcoin-surge-continues-what-should-investors-look-out-for/
