Bitcoin makes a huge move on April Fools
An explosive move occurred tonight when Bitcoin peaked at just over $5,100 before losing steam and coming down a few percent. The rise was over a twenty two percent daily gain and saw an increase in price of around $1,000.
Some people attribute the rise to an April Fool's Day article that announced the SEC had finally approved 12 ETF's, which would not be beyond the realm of possibility given how the the cryptocurrency community has turned very bullish in recent weeks and is desperate for any good news. Others attribute it to having moved above the 100 day moving average and breaking above a we established long term decending trend line - that is if you happen to prescribe to technical analysis. The truth is probably somewhere in the middle with other factors sprinkled in.
Trade Smart and Take Profits If You Can
Whatever the reason for the rise it is important that you consider taking profits so you can secure any gains you may have sitting on the table from filling your bags during this bear market. This isn't always an option and it may very tempting to instead FOMO in, so remember to stick to your investment and trading strategy and approach any trades with as little emotion as possible.
This is an exciting time to see the market make moves after being fairly stagnant for the past fifteen months. Time will tell whether the price corrects or if we have seen the last of $3,000 bitcoin forever.
Remember that nothing here is financial advise. Trade safe and have fun!
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