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Wait For A Short-Term Pullback In Bitcoin

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A four-day move towards new highs in Bitcoin is a bit troubling to me. Sunday morning we briefly hit below $5500, and anyone who was able to purchase Bitcoin is up $2000 in a few days.

Short-term momentum is strong as of this writing, as Bitcoin has traded as high as $7775.00 on Gemini over the past 24 hours. One should be cautious about buying the breakout—if it hasn’t already occurred. It's possible that all the good news, specifically the announcements from the CME and Square, is already baked into Bitcoin.

There was also a lot of FOMO that was on CNBC Wednesday regarding Bitcoin which makes me nervous. I would rather see a pullback into the high $6000’s before we break out again. 

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: BitcoinGeneral

 

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