Bitcoin BTC - Deep Breath, Exhale Sloooowwwlly...BTC has everybody in a twisted mental frenzy right now. Up! Down! All-around!!! But I want to assure you, it will be here tomorrow. And, the next day. And, the next. Unless we get a ballistic warhead screamin' down upon us tonight from above with a Red Star or cryptic lettering! But back to business. Just so you know, I don't trade BTC, because BTC doesn't have the profit multipliers that the alts do. So why would I post this? Because BTC is the crypto that I study and research the most. Bitcoin is what drives the alts. If BTC doesn't move, then it's very difficult for anything else to have sustained growth. I was going to post (too tired) this the day before "some of" the shorts got wrecked and we all woke up to, "The Surge." I was really sensing the up pressure, but never expected that sudden of a shot. There's so much more going on with crypto right now behind the scenes. Honestly, I've been waiting for it to go lower, possible under $5K. The weaker the market, the more a good long trader will pounce. This post is about my optimism for BTC's future. Scourer the news. The moves into the crypto-sphere from the institutional side is astounding. It's just going to take time to see it make a big dent. So, what's a trader to do? $6,500 to $6,800 was an incredible entry point for bitcoin, and obviously somebody felt the same way... Bottom line, don't trade with fear and emotion, trade with a strategy. Simple strategy is to accumulate at main levels of support and resistance on the way down, with very low RSI values. On the way up, stay out of the whipsaws, let the smoke clear for a bit. Watch for good RSI entry points again of 30% or less or if a really good break-out pattern develops. You don't always need to be trading, or even have a position for that matter. Sometimes it's better to hang on the sidelines with a pile of cash, waiting patiently for a good entry position. The market will move eventually, it always does. Personally, I feel people have been waiting, everybody looking around at everybody else, like, "You goin' in?" "Thinkin' 'bout it." Then it becomes, "I'll go if you go!" Next thing you know, we're blasting thru $20K. Could be three months or three years, but when it happens, it's gonna be violent.
We still may be in for more pain, a lot's going on in the world right now. Maybe more chaos means more people are afraid of fiat and will transition more into crypto?
But hell, at the moment, enjoy the ride!
My personal prediction for BTC before the end of the year? I think we can push $30K with an overall market cap between $1T - $1.5T. That would be a pretty good run going into 2019.
This post is meant more for long-term traders. Not so much for short-term or day traders. The psychology is the same, but you're dealing in nano-seconds with day trading.
