Bitcoin Trade Alert: Why you should take profit.
Hi traders, if you're holding BTC, now is a good time to take profit.
Here's why....
Bitcoin.
Bitcoin has gone parabolic, mind you: Bitcoin could go much higher BUT a correction will come, no market goes up forever and BTC is no exception, so the smart plan is always to take profit while you can;
If you're new to crypto and are considering investing in Bitcoin now... just don't. In my opinion, Bitcoin is not in a healthy place right now and it's a time to sell.. not to buy. Think of it this way: how much higher do you think Bitcoin is going to go short term? Even if we make it to, let's say, $20,000 next week, that's only a paltry x2 from current level. If you're looking for some insane short term gains you better off getting your money into a solid mid-cap altcoin (for example: BAT, ENG, CFI) or something like ETH that has considerably retraced against BTC;
Right now I can imagine two scenarios play out:
Doomsday scenario.
Bitcoin goes bonkers and shoots straight up parabolic, big players (banks?) start to dump the Bitcoin they have accumulated cheap on the spot market (Kraken?) around the time CME futures go live (11th of December) while shorting BTC futures for maximum profit... price tanks, panic ensues as new money panic-sells and rage-quit out of crypto, altcoins take a big hit, the market turns bear for a few months, mainstream news outlet change their tune and starts crapp*ng all over Bitcoin, calling it dead and what-not, BTC goes bear for a while but eventually hits accumulation (around $6000?) where big players proceed to load up the boat, ready for a fresh market cycle.
Boomsday scenario.
Bitcoin hits $10,000, has a healthy pull back and consolidates for a while (possibly around $8000), meanwhile altcoins start going really crazy, new money notices the big moves and decide to get skin in the game and to tell their friends, which attracts even more new money into crypto, people starts buying BTC to get to altcoins and basically we get another altcoin spring and everybody gets to make loads of money.
Which scenario do you like?
Dan.
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May be you'll right. It's time to sell bitcoin...not buy 😊
Time will tell I guess :)
but I have my strategy and sticking to it :)
Graciously take your profits. Listen to @haejin, he doesn't think a major correction is incoming, just a minor one.
and he could be right, but I am sticking to my plan to sell before we hit $10,000, never heard of Haejin before but ,judging by the sheer quantity of his posts, it seems like he and I have very different trading styles :)
$700 entry? Nice! Happy profit taking @tradealert. resteemed
Hi @scalerman, yeah it's been a good year :) have you sold any of your BTC bags yet ??
Nope..but its not a big amount. I might try diversifying into some cheaper alt coins though at this point. BTC does feel top heavy..of course I said that at $4200 also!
haha, same here, I've been rambling on about a top since $2000! I do feel we're overdue for a correction though, market sentiment is euphoric and over-bullish