BTC has been acting like itself lately. This reversal was predicted as soon as the left side of the pattern became clear. I felt we should have recovered a day or two earlier than we did - which is why if you go over my previous posts every post says were going to 6800 and then 7200 as chart continued sideways.
Buying BTC when its worth less than usual doesn't require an economics degree. The goal is to try to avoid some of the spills along the way and try to take advantage of them.
We are trying to break through 6800 right now. Its possible that it will be rejected - there is still a lot of buy pressure that is willing to pay less than current market.
We are still within my yellow triangle area - not yet at the 7200 mark. If we can break through the 6800 with some confidence we will be testing the 7200 level by tomorrow.
There is still a ton of money on the sidelines - USDT is worth about 2.6b which at any moment could be poured back into BTC and spike the price.
There has been a number of short opportunities a long the way - anyone who bought positions all the way down probably have positions now in the green. I suggest for shorters and longers alike that you wait until we start testing 7200 to decide what to do next - we will get there. The only question is - do we break through it like we would broke through the Fibb bands - or do we flirt with it for 3 days before the market decides?
My "long" position is this. We should recover 30-50% before we go through another corrective cycle. This means - we should end up in the 8000-10000 area before we experience another bear market (that may be shorter). I think we have one last downturn at these levels before we start sustaining higher values and stumble toward the yearly high which could be anywhere from 25-50k. Needless to say there are a number of corrective situation along the way that present short opportunities.
Last year on this day (June,19,2017) the price of BTC was $2625 - if you look at BTC like a stock - even at today's levels we are trading 3x higher than last year. On June 19, 2016 - we were at $750 - try think of another investment thats paid 10x over 2 years simply for holding it. Buying and holding has been a winning strategy for quite some time - stay away from the FUD. If your a longer - keep holding - if your a shorter - wait for more volume!
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Buying BTC when its worth less than usual doesn't require an economics degree. The goal is to try to avoid some of the spills along the way and try to take advantage of them.
We are trying to break through 6800 right now. Its possible that it will be rejected - there is still a lot of buy pressure that is willing to pay less than current market.
We are still within my yellow triangle area - not yet at the 7200 mark. If we can break through the 6800 with some confidence we will be testing the 7200 level by tomorrow.
There is still a ton of money on the sidelines - USDT is worth about 2.6b which at any moment could be poured back into BTC and spike the price.
There has been a number of short opportunities a long the way - anyone who bought positions all the way down probably have positions now in the green. I suggest for shorters and longers alike that you wait until we start testing 7200 to decide what to do next - we will get there. The only question is - do we break through it like we would broke through the Fibb bands - or do we flirt with it for 3 days before the market decides?
My "long" position is this. We should recover 30-50% before we go through another corrective cycle. This means - we should end up in the 8000-10000 area before we experience another bear market (that may be shorter). I think we have one last downturn at these levels before we start sustaining higher values and stumble toward the yearly high which could be anywhere from 25-50k. Needless to say there are a number of corrective situation along the way that present short opportunities.
Last year on this day (June,19,2017) the price of BTC was $2625 - if you look at BTC like a stock - even at today's levels we are trading 3x higher than last year. On June 19, 2016 - we were at $750 - try think of another investment thats paid 10x over 2 years simply for holding it. Buying and holding has been a winning strategy for quite some time - stay away from the FUD. If your a longer - keep holding - if your a shorter - wait for more volume!
If You Would Like To Continue Seeing These Charts Please Click Like Or Follow!
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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.