Popular analyst Josh Rager is getting “random” emails asking for his take on the ongoing bullish move in bitcoin and altcoins and whether this is the right time to board the freight train.
“It’s typically a clear indicator for me that it’s getting close for a pullback after two months of green,” Rager tweeted a few minutes ago.
It appears the fear of missing out (FOMO) has gripped the investor community, courtesy of the solid rally seen since the start of the year.
Bitcoin started the year at around $6,800 and recently rose above the $10,000 mark. Prices hit a five-month high of $10,495 on Bitstamp in the Asian session on Wednesday.
Retail investors are typically the last one to join the rally, hence their increased participation is often considered a sign the market is closing to making a top.
The cryptocurrency’s 4H chart is reporting signs of ebbing of upward momentum.
From trading perspective, now is the time to reduce long exposure or use trailing stop loss strategy.
Rager is securing gains… taking profits.