Bitcoin is Selling Off - But This is why you Should Relax
GOOD EVENING STEEMIT!
With crypto markets all selling off hardddd today, I wanted to use tonight's Steemit blog as an opportunity to bring back some common sense.
SNAP OUT OF IT KIDDIES, THIS IS THE SHIT YOU SIGNED UP FOR WHEN YOU GOT INVOLVED IN THE CRYPTO SPACE.
Relaxxx, move with the market, smileee.
I want you to forget about today's price action and focus on a quote from one of my new favourite Twitter accounts, @CryptoKirby:
Max #Bitcoin Supply: 21M
World Pop: 7.5B
Only 0.0027% can own a single $BTC
1 BTC for every 358 people
Current Supply: 16.5M
Market Cap: 74B
Just let those numbers sink in for a second...
So we have a very finite supply. We have a tiny number of the population owning Bitcoin right now. But we haven't seen Bitcoin adopted by mainstream investment funds at all yet.
Come on, the potential for Bitcoin PURELY AS A STORE OF VALUE here is huge. Add in the technology aspect of using it as a currency for fast verified payments via the blockchain and that adds a whole other dimension!
Are you relaxing yet? If you're not yet, then go and get a beer and take a look at the charts.
Yesterday I asked the question, when we should expect Bitcoin to hit $5,000 again?
I shared my clean, daily BTC/USD daily chart in that blog and showed my couple of daily zones where I'll be looking for a reaction. Well with today being called a hard selloff, let's just put things in perspective:
BTC/USD Daily
As you can see, price hasn't even dropped through the first pullback support zone!
Now this is either a very bullish sign, or shit is going to get a lot worse before it gets better...
No matter what the outcome of this pullback is, just keep things in perspective. Remember the stats I've spoken about at the top of this blog and just look at how bullish that Bitcoin chart looks even if it pulls back as far as $3,000.
It's like you crypto guys have never seen a pullback before. Just sit back, relax and buy the mother fucking dip.
Peace.
Related @forexbrokr CHART ART Blogs
When Will Bitcoin Hit $5,000 Again? Levels to Watch
Instagram: @forexbrokr
Website: www.forexbrokr.com
Interesting way to approach BTC valuation. If we're to assume mass adoption of bitcoin at some future time, everything you brought up about supply and demand will have to come into play and it will very clearly drive the price of bitcoin up much higher than it has ever been.
I know I'm very relaxed about my relatively large position in bitcoin and across other cryptos (diverisfy...just in case).
On another note, you provided a nice, clean support and resistance level chart. I figured I might as well add a nice trendline chart to supplement it :)
Both are telling the same story up this point -- no major tests of bullishness have really even taken place! This is no time to panic, even from the short-term perspective, IMO.
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Exactly! This pullback is all just business as normal in Bitcoin.
The alts are really bleeding, but as we know in crypto, as soon as the big boys settle down, we'll see money come back in and it can just as quickly ping back up to where we were.
We all just need to take a deep breath haha.
Agreed.
There's never a bad time to take a deep breath...unless you're stuck in an elevator with a "gassy" person, so they say.
Upvoted. For insights on the Chinese ban and impact on the markets: https://steemit.com/bitcoin/@thoughtchain/why-today-is-the-perfect-storm-for-bitcoin @thoughtchain
Thanks for sharing man.
I should keep my few btc on my wallet. Honestly speaking I think I only have 3.33 on my blockchain.info web wallet.
Well it's on sale now. Let's go shopping haha!
"fast verified payments"
Fast? ;)
It's all relative ;)
In all seriousness though, I'm focused on Bitcoin purely as a store of value right now. There are other coins that do payments cheaper, faster and easier.
But the speeds will pick up as Bitcoin continues to evolve. It's just another reason to be bullish long term Bitcoin.
Yeah! That's right. No need to panic. Just relax and grab a cup of coffee or tea while you're watching your favorite show ( Game of Thrones ) haha
Haha coffee and the football for me :P
Loving this pull back. Have some SP coming liquid in a few hours, gonna grab up some BTC . Also, just added a little LTC at 66, hoping to add more if we push down to 61. Picked up some NEO at $19 too as it got rocked.
All of this is building long-term positions so loving these prices even if we go down more.
The alts are on sale big time. They have sold off wayyy harder than the big boys and if Bitcoin holds any of these higher support levels, the alts have to jolt back up. IOTA spiked down to 36c... Holy shit!!
I just want to wait and see where Bitcoin finds support before I dive in head first. Like you said, this is about building long term holdings so I can afford to not quite catch the bottom.
Thanks for such a great article, @forexbrokr! Though I prefer to hold than sell, this post was great at helping me to see the bigger picture!
If you planned to be in it for the long term, definitely :)
Hold and buy the dip!
Good points, have you seen the macd divergence on daily chart? looks like this was expected move
MACD indicators aren't really something I look at but I'm interested to see it on your chart if you'd be keen to share a screenshot and an explanation?
Sure, here you go !
As you can see, price is making higher highs, MACD is in opposite direction indicating weakness in the trend. In addition, we can see strong bearish engulfing pattern (rectangle box on top).
Great article! The only thing i'm doing now is holding and buying
Especially on the bigger coins, you can't go wrong finding good levels on your chart and buying them.
Great way to put it into perspective, @forexbrokr.
The trade-train is like a roller coaster, but the investment train is a much longer ride.
Like the Trans-Siberian Railway!
:)
That's one heck of a train lol.