Bitcoin explosion. Thoughts, targets and trailing plan ahead
Really mooning now. The market in my eyes is in disbelief, I am not seing the crazy fomo of early 2018 and Q2 2019.
Funny how plenty of crypto "investors" have disappeared and youtubers & CT guys have "quit to focus on more important things".
Have not heard in a while from all the angry baghodlers.
They had to leave and lose interest for this thing to go up haha. I made several posts about this.
They always quit before it really goes up. Every. Single. Time.
And those that FOMO back in likely will buy around the medium term peak and get rekt once more during a deep pullback of 40-70%.
Prob a lot of "true believers" quit after the second bubble (June 2019) crashed down back to 5000. Silly.
On the recent price action Bitcoin reminds us of gold:
Going at least to 17,000 in my opinion.
Luckily for us (those that bought) CNBC has not paid attention unless I missed it.
There is also the debated US election taking all the attention.
This rally is met with skepticism, I haven't even gotten comments and messages from 2018 bagholders telling me what an idiot and how wrong I was about BitconnectCoin, not even the few clowns that harassed me every day.
Let me check CNBC...
"Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government" Not really great news.
"Bitcoin surges past $15,000, hitting its highest level since January 2018"
"Bitcoin hits its highest level since 2018, but two traders are split on whether it’s worth buying"
There are no extra-shill articles. The only recent article with on opinion on buying or not is a "2 traders are split" one...
From CNN: "Bitcoin prices surge after Paypal jumps into the cryptocurrency business"
Mainstream media are paying some attention but to me it looks nothing like 2017 or 2019.
There are no overexcited overweight people out of breath telling us how crazy good this opportunity is and there is no time to waste buy buy buy right now.
Once the rally stops I think it likely could drop 40% then not move much for a long while, actually I even think it drops 70% after which it could possibly look like the railway bubble.
I am only in for the short term, it has been 2 weeks and 2 days already but probably soon it is over. I would not call it a long term hold.
If it keeps going I will not complain, but I am not trying hard to "not miss out" I am interested in the high probability bits even if I do not catch the whole move, without going all the way to the day trader mentality which is flawed and quite ridiculous. If Bitcoin gives me 2 good trades a year I am very happy, it's just that bit more added to the pot. Besides I got this feeling that all the fomo bagholders have missed out while I just caught this break (and a few ones before as well as shorts) taking just a few very small losses.
Short term holds yes, but those are battles, the war is a long term one. The Tortoise beats the Hare every time. Be very patient then grab just a little 3% here, another 4% there, and so on; meanwhile the hare is laughing at the tortoise for taking such small steps, and going all in and crossing the highway and getting flattened.
If it were to start a clean long term trend I would hold for months but for now this is not what I see and I am too used to hold for hours to a few weeks with FX & Commodities, so maybe I am biased, but really that price action (since march) looks like nothing to me, it really is nasty.
At this point I will trail with a 5-6% stop, and if it continues I will trail with a 13% stop.
Funny how plenty of crypto "investors" have disappeared and youtubers & CT guys have "quit to focus on more important things".
Have not heard in a while from all the angry baghodlers.
They had to leave and lose interest for this thing to go up haha. I made several posts about this.
They always quit before it really goes up. Every. Single. Time.
And those that FOMO back in likely will buy around the medium term peak and get rekt once more during a deep pullback of 40-70%.
Prob a lot of "true believers" quit after the second bubble (June 2019) crashed down back to 5000. Silly.
On the recent price action Bitcoin reminds us of gold:
Going at least to 17,000 in my opinion.
Luckily for us (those that bought) CNBC has not paid attention unless I missed it.
There is also the debated US election taking all the attention.
This rally is met with skepticism, I haven't even gotten comments and messages from 2018 bagholders telling me what an idiot and how wrong I was about BitconnectCoin, not even the few clowns that harassed me every day.
Let me check CNBC...
"Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government" Not really great news.
"Bitcoin surges past $15,000, hitting its highest level since January 2018"
"Bitcoin hits its highest level since 2018, but two traders are split on whether it’s worth buying"
There are no extra-shill articles. The only recent article with on opinion on buying or not is a "2 traders are split" one...
From CNN: "Bitcoin prices surge after Paypal jumps into the cryptocurrency business"
Mainstream media are paying some attention but to me it looks nothing like 2017 or 2019.
There are no overexcited overweight people out of breath telling us how crazy good this opportunity is and there is no time to waste buy buy buy right now.
Once the rally stops I think it likely could drop 40% then not move much for a long while, actually I even think it drops 70% after which it could possibly look like the railway bubble.
I am only in for the short term, it has been 2 weeks and 2 days already but probably soon it is over. I would not call it a long term hold.
If it keeps going I will not complain, but I am not trying hard to "not miss out" I am interested in the high probability bits even if I do not catch the whole move, without going all the way to the day trader mentality which is flawed and quite ridiculous. If Bitcoin gives me 2 good trades a year I am very happy, it's just that bit more added to the pot. Besides I got this feeling that all the fomo bagholders have missed out while I just caught this break (and a few ones before as well as shorts) taking just a few very small losses.
Short term holds yes, but those are battles, the war is a long term one. The Tortoise beats the Hare every time. Be very patient then grab just a little 3% here, another 4% there, and so on; meanwhile the hare is laughing at the tortoise for taking such small steps, and going all in and crossing the highway and getting flattened.
If it were to start a clean long term trend I would hold for months but for now this is not what I see and I am too used to hold for hours to a few weeks with FX & Commodities, so maybe I am biased, but really that price action (since march) looks like nothing to me, it really is nasty.
At this point I will trail with a 5-6% stop, and if it continues I will trail with a 13% stop.
