WHY YOU ARE ALL WRONG ABOUT BITCOIN
Okay I don't mean EVERYONE, but I DO mean all of you folks calling "The Bubble", which seems to be about 80% of the traders. To you I say, "No, no - we are going higher!" I put my money where my mouth is and bought BTC at my support level of 9400 yesterday circa 3:00PM CST. Look at this chart. LOOK at it. All of those fib lines hit exactly where the moves occurred. These fibbys were pulled from the prior low at 5790 to the recent high of 11400. Technical Analysis is telling me the next logical Price Target is 14000 (probability 65%). The most reasonable level for retracement, if we see one at all, is approximately 7990 (probability of 35%). Either way, it is my belief that we are not in a bubble here. Placing analysis to the side, think about what's happening outside of the charts. In the media, Bitcoin is being discussed on a mainstream scale, making headlines, being drawn to the unaware society's attention. Bitcoin and cryptocurrency are becoming more relevant and the future value of decentralization, coupled with the popularity of Bitcoin on the rise, we are due for a major influx of users and, therefore, buyers! It's already happening. Each week thousands upon thousands of users, excited about Bitcoin, are joining the exchanges and purchasing their first coins in various amounts. These new users have to buy at the market price. This will drive the price up, along with the new Futures contract being announced by the CME and institutional buyers coming in, among other factors. So my quick suggestion is - the bubble is not here yet. Buy and Hold is the way to go! Cheers - Bryant
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.