Despite all the negativity surrounding Bitcoin (BTC) these days, the cryptocurrency once again went against the grain, proving “experts” and analysts wrong.
The start of the week was marked by a 14.5% increase for BTC as its stock climbed from $6,245 to $7,153 in less than a single day of trading.
That’s a $903 return in a matter of hours!
This type of increase serves as a reminder for the potential of these crypto shares and how more returns could be on the verge of unfolding in the near future.
Let’s take a closer look…
During this past week, investors witnessed Bitcoin threaten to dip below the $6,000 price line and financial news outlets rushed to form conclusions at the first sight of this incoming dive.
Although this isn’t the first instance where we’ve experienced the digital currency sinking to these extremes, headlines still made it out to be like it was the END of crypto as we know it.
As usual, Bitcoin refused to adhere to these expectations and did the exact opposite by skyrocketing to a new one-month high!
If you happened to be tied to any of these Bitcoin shares, then you easily earned yourself a profit close to 15% in less than 8 hours.
This may not seem like a lot in comparison to the hike into the $19,000 range that BTC took a little over a year ago; however, catching these gains bit by bit over time can turn out to be just as profitable. The tricky part is to catch instances before they take off!
So, how can you accurately spot these surges before they happen?
You can’t… In all honesty, cryptocurrencies are volatile investments that often come paired with unexpected ups and downs in the market.
With that said, there is one useful indicator that you can use to make the most cash from crypto.
Prior to these increases, you’ll notice there’s often a clear price range that these digital coins fluctuate between. We usually refer to this value as the line of support, which is basically a value that a stock refuses to fall below.
In terms of Bitcoin’s recent spike, I’d say there was a solid line of support that could be traced around the $6,200 range.
Generally speaking, when these values meet up with this support they tend to jump up soon afterwards as they just did on Monday.
Yes, Bitcoin’s price has died down since its recent peak, but that’s normal activity that usually follows these price swells in the market.
Keep your eyes peeled as new support is bound to form and be sure to take advantage of the next increase once it takes place!
