Bitcoin continues to be red hot as it hits $38,500


Hang on for dear life

Hang on for dear life

There’s no real technical analysis to do on a chart like this. It’s a parabolic move and — just like the move in 2017 — you have to buy and hang on for dear life.

There was a 20.5% correction last week and you can barely see it on the chart so your stops need to be wide.

It’s a sentiment trade from here and right now there is this feeling that institutions are buying.

On the fundamental side, there isn’t the same kind of ICO boom spreading money throughout the crypto galaxy. It’s more confined to bitcoin and a few other assets, with ethereum in particular on an spectacular rip lately.

Secondarily, market access has gotten much better. Being able to buy via PayPal is huge and that hasn’t yet hit the EU, UK and many other countries. All those small positions add up.

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