BTC long to 11k BUT i am calling this the family sell off point.
What does this mean?
In 2017 every Tom, Dick, Harry, Wendy and Lucy were buying cryptos at $11k+ though to 19k, believing this bull market would never end., when in fact there was not much more growth as profits become realized. These poor family /non active traders were in losses for two years. Since the bull market, the futures market was introduced which allowed shorting and capitalizing on losses which adds steam to the sell off.
At $11k+ a majority of the two year holds will be happy to receive their initial deposit, and exit the crypto market due to the volatility. I definitely believe in block chain and BTC, but the wash out is due. Another important note is fund managers and institutions that have the power to move prices for equities (shares), don't exactly have the same power with BTC as early investors back in 2009 and 2010 actually hold multi million dollar wallets, that still mine and believe in BTC using super power computers. It was only until recent times the banks and funds started to realise how BTC would change the internet currency world.
BTC has rallied over night which could be due to the trade war woes and a great place to park money as a internet secure version of GOLD.
What does this mean?
In 2017 every Tom, Dick, Harry, Wendy and Lucy were buying cryptos at $11k+ though to 19k, believing this bull market would never end., when in fact there was not much more growth as profits become realized. These poor family /non active traders were in losses for two years. Since the bull market, the futures market was introduced which allowed shorting and capitalizing on losses which adds steam to the sell off.
At $11k+ a majority of the two year holds will be happy to receive their initial deposit, and exit the crypto market due to the volatility. I definitely believe in block chain and BTC, but the wash out is due. Another important note is fund managers and institutions that have the power to move prices for equities (shares), don't exactly have the same power with BTC as early investors back in 2009 and 2010 actually hold multi million dollar wallets, that still mine and believe in BTC using super power computers. It was only until recent times the banks and funds started to realise how BTC would change the internet currency world.
BTC has rallied over night which could be due to the trade war woes and a great place to park money as a internet secure version of GOLD.
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Twitter: twitter.com/TradersMission
The information provided by Traders Mission is for educational purposes only. All information is provided in good faith and is not financial advice.