Fellow Steemit Users, it’s always a good day in the crypto-space. Whether markets are up or down, a wise trader can always find a way to turn a profit! Sometimes it is all about finding arbitrage opportunities between various trading platforms, sometimes it is about anticipating a rise after a coin experiences a slump, and sometimes it is just about holding your coins and watching those values tick higher. Whatever your preferred method of trading, we here at Cryptonews 24/7 will strive to provide you with daily analysis of various markets to help you in your quest to acquire more wealth, no matter how much or how little capital you are starting with.
When analyzing cryptocurrencies, it is important to look at historical trends in addition to the current market trends. This expansive analysis can provide you with a better picture of where the market has been, and thus, where it might be trending towards next.
Here is what the 1-Month Chart is looking like:
Here is what the 5-Day Chart is looking like:
Here is what the 1-Day Chart is looking like:
As you can see when comparing these three charts, Bitcoin appears to have exited its consolidation at the $7600 level. Unfortunately, Bitcoin value dropped approximately $400 over the past 24 hours, but that could provide some opportunities if the market behaves in a similar manner to how it handled the last precipitous drop. As you can see from the 1-month chart, Bitcoin experienced a similar drop at the end of May, before stabilizing for approximately 2 weeks work of minor swings that were perfect for those traders seeking to exploit arbitrage opportunities. We will definitely be keeping our eyes on the markets for upcoming arbitrage opportunities if that trend repeats itself.
We hope that you have found the above information useful, and we wish you the best in all of your endeavors.
Sincerely,
CryptoNews 24/7
Disclaimer: As with all investments, only invest in cryptocurrencies up to an amount of money that you are willing to lose. All information contained in this post is designed to reflect the personal musings of CryptoNews 24/7 and should not be construed to constitute financial or investment advice. We here at CryptoNews 24/7 seek to provide information about the cryptocurrency economy and not to offer investment advice or suggest any course of action. Nothing contained within this post should be construed to be an endorsement of any cryptocurrency or trading platform that is mentioned. Do your own research and contact your financial advisor prior to any investments. Invest at your own risk.