Investors can turn to stocks as Bitcoin nears range top, analysts warn
Analysts warn that investors can move on to stock replacement strategies as Bitcoin approaches the upper end of its range from $ 73,000 to $ 94,000.
Bitcoin (BTC) The recent gathering has put at the upper end of its commercial range, and analysts now warn that investors can consider actions as a safer alternative.
Bitcoin now negotiating at around $ 93,500, the cryptocurrency broke over its 21-week mobile average, which is considered a key indicator to distinguish bull and bear markets, matrixport analysts noted in a Renenet research report.
Bitcoin recovering its 21 -week mobile average – coinciding with the level of Fibonacci retracement of 23.6% at $ 87,045 – Traders “have reasons to take a more constructive opinion”, noted the analysts.
“This level is now used as a logical stop-loss for long positions. Although the summer months are generally associated with lateral consolidation, the probability of the rest on the rise remains, especially since the recent gold gathering reinforces the wider macro-card for the possession of Bitcoin.”
Matrix
Despite the positive momentum, the report provides that current macroeconomic conditions, including prudent consumer pruders and behavior, could push investors to other assets.
With the possibility of Bitcoin Exchange negotiated spot Increased Flow Flow, analysts urge merchants to monitor these developments closely, as this could become “one of the most critical indicators to monitor”.
While Bitcoin approaches its range, traders can start considering “actions replacement” strategies – taking advantage of their Bitcoin positions and by directing certain capital purchase options with a limited risk, provide analysts. They also note that if Bitcoin is receding, the maximum loss is limited to the premium of 5%, but if the rally continues, the traders “retain exposure to the rise with a risk of limited decrease”.
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