So is this it?
I’ve been sat on my hands sniping away at the odd coin or two while sat on a pile of cash waiting to buy Bitcoin at $5000, $2000 or even $1500?
Market timing is always really hard, levels not so much. I’ve been clear OI think these levels can be hit but its taken a long time for the market to look like it was in the mood for another leg of the Bitcoin crash.
Altcoin mining a good indicator of market strength has been good for the last few weeks, but suddenly it has died off, a very bearish sign and now Bitcoin is tumbling as I write.
So here we are looking in the mood to bring me the levels I’ve been predicting so I can re-enter.
This has been my long term call but BTC has been showing great resilience around $7000 and this has left me wondering. Now its looking like Bitcoin could capitulate.
It is so very hard to play this situation. You can trade the short term by all means but I’m much more keen on the long term so here are some thesis to operate under.
BTC is going to $1,000,000 a coin so who cares where you buy at these levels, these levels are like Apple at 15c a share or 20c a share or even $1 a share. Just acquire ‘the Bitcoin’ and Hodl.
Buy the dips and average down into a fat position, who knows how far it will fall but it will some time bubble again and then you sell out for a fat profit.
Hold out for $2500, you know its going there, just wait and see, its just another deflating bubble waiting to hit rock bottom. Wait for the blood to flow in the streets
In reality these are all basically bullish tacks and if Bitcoin now tanks you will hear plenty of snearing no-coiners saying ‘told you so.’ Just like they did about dot.com, for that matter still do snear about dot.com, meanwhile dotcom companies now rule the earth.
The other possibility is as I write, this is the bottom of the same trading range it has already bounced off twice. Stranger things have happened but we will know pretty quickly. Meanwhile if it falls heavily in the next few days I’ll be gently buying, because like most ‘true believers’ I want to load up on as much as sensible and wait.
Its funny, this game is very different from stock investing/trading and there is therefore a heightened risk of what the old traders used to call ‘catching a cold.’
…. but forewarned is forearmed. This is a historic market and I’ll happily lose a shirt or two in this game because, THIS IS IT and you sometimes you have to get greedy and be prepared for the consequences if it goes against you.