Go back to the beginning of Bitcoin and you will see the early adopters and the tech wizz kids where the only real active users.
Think of a million dollar Pizza.
These guys knew they where on to something, but maybe had not realised exactly what - I know this to be the case for me personally buying in around 2011! Just thought I would take a punt.
Then comes along something new and shinny - more innovation inside innovation = just Brilliant.
But to really get this going, where are the banks and the investors? They later changed the name to Ethereum...
Ah ha;
Once some of the institutional money came in, many new traders assumed this was only a one way ticket!
Thus, causing many to jump on the wagon.
Until the lovely bank manager - let's call him Composite man, decided he wanted to take some profits from this market.
You can see this as clear as day here;
Which just happened to line up with a wave 3 in Elliott lingo;
And this is why I called the warning shot in March.
You will not believe how respectful Bitcoin is becoming;
Interesting times and next roadmap to be plotted soon!
I'll leave you with a
Have a great week!
Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Whenever I see the history and how much information I was missing when I decided to jump in (thinking "I got this!"), I get a bit embarrassed. I am usually irritatingly methodical, thinking and considering options and avenues, even when I'm just picking up a hammer or screw driver. Then I get to something playing with my money and I think I'm an overnight expert or something! ;) I jumped in on April 15-16! I couldn't have picked a better time to blow into an overly inflated balloon. Thanks again for the great illustrations and explanations. "Won't get fooled again" ... for now anyway ;) Enjoy Your week as well!
Mayfair_Ventures
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@RodDasher75, Thanks RodDasher! Yes, sometimes you just need to wait. Let the market come to you.
esorlegin
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:-) LOL - Funny and very well outlined. Thank you Lewis.
I am a huge fan of your charts/work! Do you believe we will be seeing the 38-42k range soon as some kind of correction? The way everyone is bullish lately is scaring me.