You'd be like heaven to touch I wanna hold you so much. At long last love has arrived And I thank God I'm alive. You're just too good to be true Can't take my eyes off of you.
Valli Frankie-1967
I wake up with these songs in my head, and somehow they apply to Bitcoin.
As I said yesterday, we are going to go through a 2-4 day pullback, and that I figured it would bounce somewhere between the 50 day moving average and the bottom of the Bollinger Band.
It should be noted that today’s drop was sudden, very quick. Early this morning, today’s candle was basically a doji with very little movement, and then the bottom fell out very quickly within about 15-20 minutes. We crushed through the 50 and bounced squarely off of the BB, and seem to be stabilizing a little bit.
Elliot Wave, which is not shown, puts this drop somewhere at a bottom of 8,000-9,000, so those are the levels we truly want to watch as this unfolds, and we already got a low of 9550 at this writing, so if this retreat lasts the calculated one or two more days, that will put us squarely in that range.
Sudden drops like this can be scary, but it’s important to remember that 2-4 days of dropping does not in any way, shape or form make a trend. This is simply a retrace after a fast runup, and perfectly normal.
One other thing to keep in mind is that volatility can come in as the 50 day MA gets ready to turn and change direction. The 50 MA has slanted down for a while now and is just “barely” getting ready to make a turn up. It’ll be flat to up soon, and some volatility should be expected.
Right now there are a lot of noobs thinking ‘this is too good to be true” and surely “they can’t take their eyes off of you” (Bitcoin/crypto). But this is a blessing. I am preparing to buy more in the next day or so.
loaded on 6th of FEB, loaded again later, i'm never selling. I will wait for year 2020 if it is necessary. BTC LTC ETH will continue to grow in long term. fuck short term :) (i don't wanna see 6k again. no more usd)
JosephMoss
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@GazMema, Just read an interesting report that BTC will hit 38k this summer on it’s way to at least 64K by the end of the year. This seems to be fairly well on target, starting in April/May.
GazMema
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@JosephMoss, once upon a time, i got in eur vs usd. Had euro shorted for usd at 1.37 (year 2013 i think). I waited one full year to make 6.5k euro. bought eur at 1.22 but continued to go lower at 1.04 . could have made 16k eur. i was happy anyway with my 6.5k eur i made. But, my mistake was that i tried to be smart and get out and get in again. i got out, could not get in as euro continued to go lower and lower. I learned to hold for a good long time 1 year, and also i learned that you don't try to be smart with the market. Unless you are day trading or short time trading, i suggest people buy when there is a huge crash, the worst you have ever seen, and wait, hold.
JosephMoss
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@GazMema, You have to find what works best for you. Buy amd hold is a good strategy, but this doesn’t work if you are using margin. I am HODLing BTC and have for a few years now. I used ro trade it but the swings are too fast now. I do trade other currencies for swings though.