FOMO is hitting Bitcoin now

The cryptocurrency market is in Bitcoin rally mode, while the rest of the altcoins are seeing very little action.  There is no indicator to see what people are thinking, however with searches for the Bitcoin Halvening and Bitcoin Halving at all-time highs it's clear what is on everybody's mind.   Looking at the top 50 weekly heatmap continues to show a price increase for Bitcoin while many of the leading cryptocurrencies are flat.

This is a time when media attention is going to increase as the halvening approaches.   The Bitcoin chart is very strong here, most technical indicators, including our trend mean score, are positive for Bitcoin.   Bitcoin is now up 135% since its lows on March 12th.   Momentum and the fundamentals of the halvening are clearly bullish.   Seeing Bitcoin hit a high of $9,400 yesterday, go back down to $9,000 for only a short time before bouncing back to $9,500 is very bullish.   There is support of buying bitcoin dips at the moment.

This is the perfect storm right now for FOMO and I expect more FOMO to occur.   Yes this could be a buy the rumor (although it is not a rumor) and sell the news event you often see when stock announcements are made.

When Bitcoin broke above its weekly resistance of $9,100 I did buy more as I said I would in my prior article and will probably hold my full position until May 10th (1 day before the halvening).   

https://quantifycrypto.net/blog/the-next-move-for-bitcoin

Reviewing the chart below shows the steady increase in price for Bitcoin.     Recent highs of $9,450 from April 29th have been passed and the overall trend (97%) is positive.   I see the next resistance level at $9,960.   Yesterday shows short term dips will occur, expect more of these also.

On May 10 and after I will be looking to start phasing out some profits.   I will keep you posted as the market changes.

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None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.

Full discloser: I do own Bitcoin and have stock positions.