In my previous article on TV we were looking for 17650 to hold. It did and after printing a minor higher low we pulled the trigger with a Swing Trade Long. The trade hit it's 3rd target in less than a week.
So what about our portfolio we started at a 25% loss in 2018 (with the intent to turn green over 18-24 months) is now up nearly 100%. Where is that duchde that posted for two years how I bought a small position at 13k and was a loser for doing so. We continued to cost average in, taking small position trades and that has paid off. I'm sure he will comment after he cleans the basement for his mom.
Sure for years us "perma bulls" took crap from the "perma bear" but in the end its not about who was wrong or right....... wait a minute SCORE BOARD! Guess patience and having a long term plan is working out, how about them Apples!
The run may not be over yet. As we mentioned to our members we will be looking for clues and evidence that buyers are still active here. These small clues are what guides us on the road map through Jumanji and here we are. Order flow is what matters, in the mid term (next week or so) looking for a push into the 24k-32k target zone, or a pullback into the 17650-19400 .
Either way we will be looking for clues to either trim out some risk, or add to our positions. We are prepared for either scenario.
In the near term (next two-three days) want to see 22900 taken out (implying a close above and the next candle closing higher) or 22100 taken out. (Do not post tomorrow "ohh look it went to 22072 and broke higher", all that proves is you are a dote and have no clue at what you are doing.
We could get some consolidation here, and this is going to confuse many. You will see more excitement from the furus on TV flip flopping more than fish on dry land. Nothing confusing here, buyside order flow is still strong and until proven otherwise we simply remain long with our HODLINGS.
Plan - Keep It Simple - Looking to trim into the target area, looking to add in the . Pretty simple and yet there are so many dotes with their 1 to 4 hour charts going to be acting the fool. One day because the golden cross overlapped with a batwing off a flying poodle pattern, and the next, there will be a starving triangle with the 24.5HMA crossing over their proprietary 87.4 and a Crabby Bill oscillator showing the is now relatively over bought vs the MA of a MA of a MA of yet another MA. Yeah a lot of crap is coming your way, so keep it simple.
After 3 years of being able to buy Bitcoin at under 12k it is reasonable to see some profit taking. The majority of the order flow happened between 6 and 12k so those that were not listening to furus and Dollar Cost Averaging, or simply adding some here and there and holding through the noise are now looking at a nice profit.
IF you added anywhere between 6 and 12k you are up 100-300% or more. Why not shave a little off into any sign of a reversal? Broader term, with demand exceeding supply at the current time, the market still has room to run. Though I don't think it happens in the next 12 months, 60k is reasonable from here, the low to mid 30's are certainly within over the next 6-9 months.
So any profit taking would be an opportunity to buy in my opinion, especially in the event we get a retest of the prior , now support, around 12k.
After years of hearing how us Bitcoin HODLERS were idiots, after hearing all the negativity of this space was hell-bound for zero, those are the same idiots that take this market higher as the FOMOment of their ideocracy. So when that perma-bear has the epiphany that he (or she) is now long Bitcoin , that is the time to take some more risk off the table and look to buy the next dip.
When will that be? "I don't know". But no doubt it will come eventually, the key to being successful is having a plan, having a strategy to execute, and most importantly being patient. In the near term there is no doubt the bulls have taken over, how long it last is only something time will tell.
Welcome to the Next Level of Bitcoin .