RE: Bitcoin (BTC) Morning Update: Similarities to the September Correction & Recovery
I follow your blog and up- vote often. I lean to bitcoin's rise was much, because it wasn't shorted. Now that the option to short bitcoin is available, it may slow its unbridled rise.
I come from the forex background where shorts play a role. Using that experience I do see bitcoin as bullish. Admittedly, I have never witnessed anything rise so fast in such a short period of time. To me, now that it can be shorted. Bitcoin may start experiencing normal retraces. If this be the case, 10,44x is a small retrace. A larger one at 8,777. Normally pa is attracted to these.
Pa has closed higher last week. It does appear very bullish, into resistance 11,670. I have a crystal ball, but it is broken. I don't own any Bitcoin. I don't have a dog in the race. I am just looking to buy at a lower price. If it stalls, without getting above 1,1671. Then it has a good chance of 8,777.
Respect to you, Gator.
Looks like Bitcoin has attracted new players. This year is going to be fun. 😀
Its a game, winner takes all the dreams.
Very Nice comment, Gator!
And may I may add, that is a lovely blue dress your wearing.
Thank you, Gator, ... that’s very kind of you...
I know. LOL
you are killing me.. L .....
i am dead...you killed me...lol
wearing you down for the attack.
Good to see both sides of the argument in analysis with another perspective. Thank you. Where is the money sitting? I guess that's the only question I have. Is it fiat or in taxes being paid from last year's gains?
I remember last years excitement. Some were taking out second mortgages on homes. When I hear that. I take a step back.
LOL... That is absolutely insane. But I guess if your young... you could recover by retirement if it didn't pan out.
How could it conceptually create anything other than more market cap for BTC? The contracts are settled in Cash so your hypothesis unfortunately is moot.
BTC is both a currency, a store of value and a payment system; (with incredibly finite inflationary pressure) it's meteorite rise in that regard isn't so unstable.
I once had a guy try to sell me a 100k in gold. He said in a few years it would rise 300%. I asked him, "than why would you sell it to me for 100k? All you need to do is hold it, for a few years". He continued on with the sales pitch. So I asked, "how do you earn a living selling gold, Do they pay you commissions in gold or usd?" He was a little agitated, and he responded "I get a commission check and cash it for dollars". I chuckled a little and replied "so you will trade gold for dollars because it will rise in value. Why would you trade gold if you thought it would rise 300% for usd? The same usd that you thought would lose 300%?" Not long after, the price of gold dropped 900$ like my charts hinted. I still didn't buy it. Not because I didn't want to own some. But because, I thought it would get cheaper.
The secret to investing is to figure out the value of something and then pay a lot less.
It's a good story, but I think you missed the boat @ 5900$. There's FOMO and then there's being stubborn; good traders admit when they made a bad trade; or missed a good one. That's why BTC shoots up like a rocket because everyone and their brother is "waiting for the dip" when it's in front of their face they still miss out and you'll be left paying 16500-17500 USD
There will always be another boat. Hindsight gets confused often with foresight. Wash rinse repeat. I cant win them all. I did miss a good one. I planned on holding a while. If it comes back, no harm no foul. It came came close to me target entry. It may be back. I am atm, at the disadvantage of missing the boat. Life goes on. Good luck, I hope you hit your target.
You're right there will be many more boats; 10150 is a solid entry, this is another boat before the IHS breaks upwards.
The best way to keep others from throwing rocks. Is to smile and move forward. The same thing that brought the shorter term forecast 10,438. Can bring 8,777.x or less. Its normal pa, nothing more.