“A popular crypto analyst says that Cardano and Chainlink could soon mimic the significant rallies Ethereum had last month”–Paul Ebeling
The analyst has his radar locked on top digital asset Bitcoin, which he notes just closed above its 200-wk MA for the 1st time in over 2 yrs.
If BTC can maintain momentum above the 200-wk MA, Rekt Capital says the king crypto has already found the support level it needs and will retest the area for a 2nd consecutive week.
“BTC performs a weekly candle close above the 200-week MA. It’s the first weekly close above the MA following an extended downtrend since March 2020.”
The new BTC weekly close above the 200-week MA means that price will try to retest this MA as new support this week.
BTC already held the MA as support last week, as evidenced by the downside wick. Now it will try to hold it for a second consecutive week.”
While the exact bottom for Bitcoin may be hard to pinpoint, the analyst says that BTC is still well within the “bargain” territory and giving investors a good discount.
“Many are worrying whether to buy #BTC at $21,000 or $22,000 or $23,000. Meanwhile failing to realize that anything below $35,000 is a bargain over the long-run.”
Knightsbridge monitors cryptocurrencies as regulations and technology evolve. While some traders have made money on the change in price of Bitcoin or other cryptocurrencies, most investors continue to treat them as a speculative asset primarily for trading with money outside a traditional long-term portfolio.
The Knights Platform is an electronic network that links the trading floors of every relevant Crypto Exchange
Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.
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Have a prosperous day, Keep the Faith!