Blockchain

When Is the Right Time to Buy Bitcoin?

October 5, 2021 by Akash Anand

With Bitcoin (BTC) prices skyrocketing over the past few years, it’s safe to say that the space has gotten a little intimidating. It actually creates a weird paradox in the space: because of the price spikes, BTC gains more attention and becomes more recognized—however, with its price reaching unprecedented heights, people are also more afraid to get into the market.

With all that being said, when is the right time to get into it? If you’re looking for the short answer—spoiler alert—it’s that any time can be the right time. Don’t worry; we’ll break down why.

Make informed decisions

Before you get into the space, the most important thing you can do is do your own research and familiarize yourself with all the risks. By doing so, you’ll understand more how the space works and make sure that you don’t lose any money to careless mistakes.

First, familiarize yourself with all the slang. FOMO (fear of missing out), FUD (fear, uncertainty, and doubt), and buy the dips (we’ll explain this one a little bit more later) are some of the more important ones to be aware of as these are the slangs that refer to phenomena that can cloud your judgment.

FOMO, despite it being a little self-explanatory, catches a lot of victims on its web. How many times have you heard “I wish I bought BTC when it was [insert price here], I woulda been a millionaire by now!” In fact, it’s probably something we’ve said to ourselves at one point.

Knowing what FOMO means is important because everyone needs to know that missing out isn’t the end of the world. In fact, dwelling on it can do you more harm than good. FOMO can cloud your judgment and force you to make financial decisions that you’ll end up regretting.

FUD has a similar effect. Fear, uncertainty, and doubt refer to all the noise that non-believers of crypto will try to pressure you with. “Bitcoin is a bubble,” “Bitcoin is a scam,” and “Bitcoin suffers from technical problems” are among some of the phrases you’ll hear from people trying to spread the FUD. The motives may always be different and people may not even be spreading the FUD on purpose, but the effect is real and if you succumb, you can make some poor financial decisions in the long run.

These concepts are further pressurized by Bitcoin’s volatility. Because of its ability to spike and dip at rapid paces, BTC’s price is what drives FOMO and FUD.

Figure out your goal

Before you pull the trigger and spend some of your hard-earned money to buy some Bitcoin, you first need to ask yourself: why do you want to get into the space?

Your goal will make all the difference in determining when to buy. If you’re using BTC as an investment opportunity—which is what most people get into it for—then you can try “buying the dip.” This is a common phrase investors use, referring to the strategy of buying an asset when its price is low. It’s worth noting that there are a ton of other trading strategies out there, so don’t limit yourself to this one.

On the other hand, if your goal is to purchase a good or service, it doesn’t really matter when you buy. Since you’re using BTC for its original purpose of being a “peer-to-peer electronic cash system,” its price is irrelevant. You could buy Bitcoin with credit card right now, use it to pay for a good or service, and convert it back into your preferred fiat so that its price doesn’t fluctuate that heavily.

Once you do your research and figure out what your goal is, the rest is easy. With Bitcoin being over 12 years old now, the community is bigger and more passionate than ever before. Several exchanges and marketplaces have even popped up to make life even easier by allowing you to get a free Bitcoin wallet after signing up.

Research minimizes risk

Like any other investment, going into Bitcoin blindly is a good way for you to lose some money. Make sure to research what it is, the technology behind it, what you can use it for, and how to secure yourself from bad actors in the crypto space.

Generally speaking, the more you know about Bitcoin, the more sound your decisions will be. In this space, it’s practically impossible to completely eradicate the risk. The only thing you can hope to do is to minimize it. By doing your homework, you minimize the risks in big ways. This, in turn, keeps your money safe—and that’s what it’s all about, right?

Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter

September 22, 2021 by Akash Anand

The new week was not kind to the cryptocurrency market as price points and daily trading volume continued to plummet. Bitcoin’s inability to hold above the $50k mark trickled down to the other alts as well. Solana [SOL], currently 7th on the charts, fell hard in the hourly spectrum as its compatriots fared better.

At press time, Solana was trading for $132.01 while its market cap struggled to go above $40 billion. The 7.5 percent hourly dip played a major role in lowering the daily trading volume to $4.8 billion. Over the past 7 days, Solana fell by a whopping 18.2 percent. On Wednesday, Solana’s market cap was approximately $4.5 billion lower than the sixth-placed XRP.

Solana 1 hour:

sol 1 hr 3 — Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter 3

Solana’s bearish price action since the 18th caused it to dip to current levels. The immediate support was formed last night at $121, a $10 drop-in 24 hours.

Parabolic SAR: The markers stayed below the price candles after a see-saw movement throughout the week. According to the indicator, the buying momentum in the Solana market had reduced considerably.

Relative Strength Index: The RSI moved on the zero line which meant that the number of people selling their SOL tokens was equal to the HODLers. In the last 10 days, the RSI has only hit the oversold zone threshold once.

MACD: The zero line and the MACD line moved towards each other after converting earlier. Another convergence could be expected soon if the histogram continues to blink green.

Solana 1 day:

sol 1d — Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter 4

Long term support was maintained at $69, a mark Solana bad hit in August. Since then the price has only steadily increased with the latest crash wiping out almost all of September’s gains.

Relative Strength Index: Solana’s daily RSI actually spiked upwards as more users bought into the ecosystem. One could hypothesize that users were “buying the dip” so that they can profit when the token rallies.

Parabolic SAR: The markers here were similar to the hourly spectrum. Solana’s price action would have to reverse to inject some bullish momentum into the ecosystem.

MACD: After converging on September 24th, both the signal line and MACD line diverged from each other. The bear sided with the indicators with the MACD histogram changing its tune to red.

Brazil’s BTG Pactual launches crypto trading platform mynt as users number spikes

September 21, 2021 by Akash Anand

With each passing day, the world of digital assets seems to become closer and closer to mainstream adoption. The latest news from Brazil was a positive marker for an industry going through a bear market. On Tuesday, Brazil’s BTG Pactual launched its native platform for virtual assets trading.

South America has become a hotspot for cryptocurrency adoption with several countries considering cryptocurrencies as a legal tender. Brazil’s focus on crypto was helped along by a rapid influx of new traders into the ecosystem. BTG had earlier expressed their interest in entering the cryptocurrencies as the Mynt platform worked towards achieving that goal.

As of now, Mynt platform users can purchase Bitcoin and Ether in a few quick steps. The bank further added that it had plans to add other cryptocurrencies to it’s roster in the future. Post the latest announcement, BTG Pactual’s head of digital assets Andre Porhilo said:

“At this first moment, we will have the two main assets of the market but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets. With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility characteristics that are fundamental in a new category of investments with which most people are not used to.”

Officials close to the bank claimed that the massive demand for cryptocurrency trading amongst users was the main factor for Mynt’s origins. BTG Pactual CEO Robert Sallouti also informed the public that the company would take the onus of informing the public of the burgeoning market. The bank plans to launch educational content about blockchain and virtual assets with the mission of acclimatizing the new entrants.

BTG Pactual’s foray into cryptocurrencies has also made it the first major institution in Brazil to do so. The bank assured users that the platform was being assessed by the Brazilian Securities Commission and the local central bodies for total credibility. We now have to wait and watch how the platform takes of in the South American country.

Cardano [ADA] sees red as market braces for bear impact

September 17, 2021 by Akash Anand

The past couple of weeks have been tumultuous, to say the least for the cryptocurrency market. With Bitcoin stuck in a constant battle to break the $50k mark, the action has been more centered around altcoins. After entering the podium positions, Cardano [ADA] entered the lock-in phase with the bear.

Being the third-largest cryptocurrency comes with its own perks as new users kept up their momentum in entering the market. At press time, Cardano was going through a 4.6 percent and 6.1 percent dip in the hourly and daily timeframes respectively. The bear trap caused ADA’s price to drop to $2.36 while the daily trading volume clocked in at $2.92 billion.

Cardano was the only cryptocurrency in the top 5 that took a significant hit in its overall weekly gains. Technical indicators showed that the cryptocurrency had the potential to maintain its ranking. Cardano was still $7 billion stronger than its nearest competitor, XRP.

Cardano 1 hour:

ada 1 hr 1 — Cardano [ADA] sees red as market braces for bear impact 7

The IOHK founded cryptocurrency held immediate support of $2.4 with users hoping for another surge to recover earlier price points.

RSI: Cardano’s short-term RSI fell towards the oversold zone on Friday. As the week comes to a close, more and more users were selling their ADA tokens.

CMF: The CMF also sided with the bear with the graph crashing below the zero line. This was a sign of massive amounts of capital leaving the Cardano market.

Parabolic SAR: All the markers since the 15th have stayed above the candles as selling momentum increased.

Cardano 1 day:

ada 1 day — Cardano [ADA] sees red as market braces for bear impact 8

Long term support remained at $1.05, a marker formed back in May. One thing to be noted was that Cardano was one of the few cryptocurrencies that sustained its bull run longer than other alts.

Even in the long run, the indicators remained bearish as consecutive red candles took hold.

CMF: The graph mimicked the hourly pattern as capital outflow overtook the amount coming in. The dip was in stark contrast to the highs it had hit in the middle of August.

PSAR: As the price stagnated, the markers switched positions from the top of the candles. Only an increased buying pressure would boost the Parabolic SAR to the top.

Relative Strength Index: The RSI here leaned towards the oversold zone as the long-term HODLers were shaken by the price crash.

Uniswap [UNI] jumps over bear pit as price ticks green across the board

September 15, 2021 by Akash Anand

The cryptocurrency market’s movement over the past couple of days has left a lot of investors scratching their heads. After a week of bearish dips, the ecosystem seems to have broken its pattern of stagnant price actions. Uniswap [UNI] was one of the tokens leading the bullish charge with double-digit gains in the weekly spectrum.

Uniswap’s hourly performance allowed the crypto to overtake Terra on the chart with the token now holding 11th place. At the time of writing, UNI was trading for $24.85 as the market cap climbed to $15.3 billion. The 8 percent hourly climb also spurred the daily volume to clock a mighty $646.46 million.

Uniswap 1 hour:

uni 1hr — Uniswap [UNI] jumps over bear pit as price ticks green across the board 11

In the short term, Uniswap tended to form a valley after the dip and rise. The immediate support was calculated at $21.6 which was protected after the latest price hike. As Uniswap moved on the charts, it was important to keep a tab on the rising user base.

Parabolic SAR: The last 3 markers stayed below the price candles, indicating a shift in the sudden hike. This comes after a 48-hour shift where the Uniswap sided with the bull.

Relative Strength Index: Uniswap’s RSI fell back into the trading threshold after staying above the overbought zone for a day. The cryptocurrency’s September 13th hold was its highest point this month.

Bollinger band: Both the upper and lower band converged towards each other after the formation of a Bollinger cloud. The red candles continued to stay in the cloud as the price settled.

Uniswap 1 day:

uni 1 d — Uniswap [UNI] jumps over bear pit as price ticks green across the board 12

The long-term support was at $14.3 with the graph struggling to hit its ATH formed in May. Uniswap’s latest green candle allowed it to climb from the throes of a bear pit.

Relative Strength Index: The RSI hit the midway point between the oversold zone and the overbought zone. This meant that the number of users selling their tokens and HODLing their tokens was almost equal.

Bollinger bands: In the long run, UNI’s bands diverged to form the start of a significant Bollinger cloud.

Parabolic SAR: All the markers from the past couple of days stayed below the candles as Uniswap’s momentum shifted downwards. As it stands, the markers pointed to hold on to the cryptocurrency making any massive surges.

Uniswap and the rest of the market were still in the midst of recovery after taking a beating for days. One striking thing about the hike was that the altcoins were performing better than the bigwigs.

Solana [SOL] Price Hike Hits Brakes As Reddish Hue Sets On Crypto Market

September 11, 2021 by Akash Anand

Solana’s meteoric rise over the past few weeks put it on the map with a rush of new investors further elevating its market cap. The cryptocurrency seemed to ignore bearish signals earlier after SOL hit all-time highs. As the week comes to a close, SOL’s weekly gains were wiped off as it became the biggest loser in the top 10 cryptocurrency club.

In the past 24 hours, Solana witnessed a 15.2 percent dip in value as the token traded for $178.07 on Friday. If Solana’s weekly gains were compared with the rest of the market, it would ironically emerge as the biggest gainer. Solana also saw it’s daily trading volume dwindle to $9.18 billion after a hectic week on the floors.