Bitcoin stops just short of 5000 and I'm out
Update - BTCUSD down to 4650 on profit taking:
... Hey guys, just a heads up - I have now exited my longs - I got out over night at about 4820. Wasn't the best exit as BTCUSD traded right up to 4970, but this was a CFD position and I didn't want to risk holding over the weekend. Pair is now back down to 4860 and I think it's pretty likely we see some sort correction - this has been one helluva rally!
Though my technical preference is for a correction back to 4500, and maybe even 4000, there is chance this just keeps ripping higher. I've done really well up from 3150 and happy to risk missing out for the moment to bank some solid profits. If I miss the boat entirely, I can play lower time-frame dips.
Thanks guys and congrats to everyone that rode it up with me - been one helluva a ride! XD
PS Remember the BUILDTEAM pot announcement and bidding kicks off at 00:00 UTC tomorrow ... get your hands on some tokens before the madness starts. Pot is over 3500 STEEM!
Team Aus footer by the amazing @bearone
This post was brought to you by @msp-creativebot
A prognostication here, get back in as soon as you notice a dip, I have a feeling bc is about to launch ^
Bitcoin go to the moon.
Do you ever think there will be a time that selling BTC and taking profits that you will not be able to buy back in? I wonder if there will be a time that huge institutional money will scoop up the sell orders and hold long term shrinking available supply
Yeah it's always a risk and a worry that's very hard to shake - I was using close to 10:1 leverage on this play though so have to keep the greed in check. So many people were talking about 5K and we've already had a reaction there, I think we'll at least pause here and I'm happy to play a breakout if that happens :)
Sounds smart. I am a buy and hold guy. I often wonder how hard it would be for day traders. This market is crazy and 24 hours 7 days a week. How do they get any sleep? LOL. I am the slow turtle, buy and hold my crypto's. I got in at the right time. I invested $38,000.00 in January/February and my portfolio is now around $380,000.00. Not bad for me since I am so conservative.
Wow, very nice, good for you. One of my business partners did really well with it and cashed out his original investment on a USD basis a long time ago. Now he says he's playing with house money.
I'm guessing he regrets it though (he cashed out his cost basis back when BTC was below $2k.)
I hate fiat curacy so much I just do not want to sell for U.S. Dollars. I also do not want to pay the criminal capital gains taxes. I will continue to buy and hold. Even if crypto's went to zero (which they will not) I still want to support the industry with everything I have. I believe in decentralized blockchain and crypto's. Down with the criminal banking cabal
100% agree, the only thing I've sold BTC for is other cryptos (but it's a very limited number of blockchains that fit the bill, and I don't do ICOs)
Don't sell for USD, there are other stable options. I just wrote a post about some of them yesterday if you're interested.
OK, I will check it out
Epic - nice work mate! I should probably be getting my advice from you :P
I write everyday to help people. We have to stick together. It is us against less than 300 of the wealthiest families in the world who hold 92% of the world's wealth. How do I fight? I help educate and encourage people to not support the corrupt governments, commercial corporations and many fakse fake religions (not all but most). If enough of us wake up ( just 7% to 10%) we can topple this corrupt system we live in
Yeah I noticed that it was almost at 5,000. It' crazy stuff.
Good move I think. I got out too in the high $4800s and it's already bounced a bit off $4979.
Still reckon $5000 is going to be hard to crack and may take a while. A pullback is due.
Yep, hopefully we're on the pulse on this one. I like 4400 - 4500 for a shallow correction.
Agreed. I don't think we've seen any kind of blow off top and nothing like the mania we saw in June, so just an short term top hopefully. We just need a pause for a few weeks maybe and then a fresh push to get through $5000.
Already down to 4650, my biggest fear now is this correction is done before my broker opens up shop again on Monday morning lol
So you're using leverage through a broker that does business hours? That sounds really dangerous.
I doubt it will bounce all the way back up to break $5000 this weekend. Some consolidation is going to be needed after this I think.
Yeah pretty much, though you'd also avoid a margin call if it happened outside of FX hours and then recovered. Either way, looks like getting out prior to the weekend was a solid decision :)
Wow, thats a great exit! I exited the previous day in anticipation. A bit too early, but better early than late :)
Here's my analysis on potential next steps for bitcoin: https://steemit.com/bitcoin/@stocks29/bitcoin-bearish-case-elliott-wave-update-price-is-progressing-as-expected
Thanks mate - I should of really had another coffee and pushed it right until end of forex hours, but it was 2-3 am here :)
Nice post, i has translate your post to Indonesia language, i has, upvote, invite and resteem your post, I'll be back, thanks
Best regards
@mukhtar.juned
just need this to happen to iota.
Thanks for the heads up on your trades.
I think a lot of people (long-term holders specifically) are hoping for a correction here soon. It would be nice to add to my position.
But BTC has been in a weird place for several months now, so who the hell knows what's next?
No worries mate!
I'd like to be a long term guy, but I derive all my income from trading and writing about trading so bills to pay etc
Having said that, I'm stacking SP and buying EOS as longer term plays. Slowly making the transition.
Think we are way overdue for a correction, equal legs in $ terms was ages ago and even percentage terms was back at ~4400
I've given some very quick looks at EOS and don't quite understand what the fuss is about, but I see a lot of people talking about it. Hard to separate the crap from the legit stuff, especially with the number of ICOs these days. It's a full-time job to stay on top of all that stuff. Good on you for making a living doing it!
EOS will be huge, tl;dr Ethereum network with instant, fee free tx's like STEEM.
What are your thoughts on BitShares? Personally, I have been long on it since the days of ProtoShares while BTS was still in development. If you haven't already researched it, I would definitely recommend it: it's the only mature cryptocurrency system that has solved both the problems of scalability and volatility. Market pegged assets in BitShares are way more stable than SBD.
Hi mate,
I actually really like Bitshares and it seems there are big things under way if @Stan's blog is anything to go by.
We've actually issued a token on there so people can share in the profits of @MinnowBooster, @SteemVoter and @SteemSports. This month's auction is live and kicking with a pot of 3700 STEEM!
https://steemit.com/buildteam/@buildteam/buildteam-bidding-announcement-3700-steem-bidding-is-now-open
Very nice @bulleth ....blessings