I want to start this out by making it clear I like Bitcoin in the long run. However, the euphoria in the market is at an all time high with nearly no fundamental justification. Price targets of 100k, 200k, or 1M within the course of a year or two are laughably wrong. Expecting a new commodity to surge past the market cap of a company like Apple is absolute lunacy.
Please understand that if you are expecting the destruction of the current monetary system that these things can take up to a decade to play out, not two years.
My trade plan: I am expecting a trip back down to the $16,000-$20,000 buy range, where the whales will reload after dumping. REMEMBER: 95% of all Bitcoin is held by 2% of all wallets and there is talk that these people are working together. Do not fool yourselves, these whales are dumping into this rally hard and they will reload much lower.
Technicals:
We are in a major bull channel over the long term and I expect this to continue over the next decade. Weekly RSI(5) has broken overbought levels The BTCUSD stochastic has formed a clear 5 impulse wave rising wedge that mimics the exact action of ES before February 2020
Before I get the "stay poor" comments I will make it clear I own a company the revolves around cryptocurrency and also am a blockchain engineer. I love cryptocurrency but I do not share in the mental disorder shared by its cult members, neither should you.
Keep posting ideas, Im interested in seeing more of your analysis over the long term.
cpbeamer
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@ruraldisturbance, will do. My time frames are longer than most posts but good value.
Note: Weekly Stochastic taking a big bearish plunge not near support yet, this correction has more room.
alextheguy
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I appreciate clarity and a different realistic perspective. Thank you!