Post #311

OUTLOOK ON BITCOIN Bitcoin had a strong rally since November 2020 after E-currency provider giant 'PAYPAL' adopted the use of Bitcoin in its services. Other financial institutions and hedge fund companies contributed positively to the appreciation of the value of the coin. It rose to as high as $41,880(its highest since since its creation). However it seems to have met Resistance at 41,880 after the release of USD Non Farm Pay Roll on the 8th of January, 2021. The USD Employment statistics shows a slight improvement in its Labor sector which currently is strengthening the US Dollar temporarily against the coin. At this junction, it would be wise to wait for a little Retracement to around 30,000 or a further Dip to 25,000 before buying the coin again. It would be wise to pull out profits for now until there is a fresh signal to buy the Dips around these psychological support respectively. However if you are a conservative investor, then it would be wise to wait for a break of 41,880 resistance before buying some coins again.