What's up guys, YoungShkreli here
I want to talk about the bottom that bitcoin is likely to form within the next year (Today-August 2019) and the low volatility that will follow.
This is the chart from the last bear market. You will notice is looks very similar to this bear market and indeed I do believe you should pay careful attention to this chart because history can repeat itself. What am I noticing that is similar to the market today? Lower volatility and a smoothing along a general level (around $300 here and around $6000 today). I am a bitcoin trader, but I likely will take a break at some point in the next few months because I do not want to trade without volatility and I DO NOT want to miss a massive jump after the bottom has formed.
Thus, if you are wanting to buy bitcoin at a relatively safe level and just forget about it and come back in ten years to find you're rich, you should buy today. Don't get me wrong, I have a massive short position in bitcoin at the moment (short from $8200) and I still believe it will go to $5000. That said, this very well could be the LAST big move down and then we might trade sideways for a few months.
So to recap, if you believe in bitcoin long term and are thinking of when to buy here's what I propose: if you don't care about any indications, then buy it now. If you want something to go off of, then look for a period of low volatility. In terms of bitcoin, that will look something like bitcoin staying stuck between two numbers whose difference is $1000-$2000. For example, bitcoin might trade sideways between $5000 and $6000($7000). If it does this for a while, then you should buy because likely the bottom has formed and the next big move will be to the upside.
Good luck everyone, I can't wait for the next bull market :).
If I've been helpful, please like my work and follow me, it will help us both.
-YoungShkreli
I want to talk about the bottom that bitcoin is likely to form within the next year (Today-August 2019) and the low volatility that will follow.
This is the chart from the last bear market. You will notice is looks very similar to this bear market and indeed I do believe you should pay careful attention to this chart because history can repeat itself. What am I noticing that is similar to the market today? Lower volatility and a smoothing along a general level (around $300 here and around $6000 today). I am a bitcoin trader, but I likely will take a break at some point in the next few months because I do not want to trade without volatility and I DO NOT want to miss a massive jump after the bottom has formed.
Thus, if you are wanting to buy bitcoin at a relatively safe level and just forget about it and come back in ten years to find you're rich, you should buy today. Don't get me wrong, I have a massive short position in bitcoin at the moment (short from $8200) and I still believe it will go to $5000. That said, this very well could be the LAST big move down and then we might trade sideways for a few months.
So to recap, if you believe in bitcoin long term and are thinking of when to buy here's what I propose: if you don't care about any indications, then buy it now. If you want something to go off of, then look for a period of low volatility. In terms of bitcoin, that will look something like bitcoin staying stuck between two numbers whose difference is $1000-$2000. For example, bitcoin might trade sideways between $5000 and $6000($7000). If it does this for a while, then you should buy because likely the bottom has formed and the next big move will be to the upside.
Good luck everyone, I can't wait for the next bull market :).
If I've been helpful, please like my work and follow me, it will help us both.
-YoungShkreli
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.
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.