Bitcoin: Buy the dips... if there are any short term ones?
Weekly RSI over over 90?! And it's not the first time? This is not a normal financial instruments. It's a "purest breed". With big whales coming into this finite resource on demand, I am having the time of my life riding the Bitcoin bull and trying to buy at the dips.
But being a trader, I need to look at possible scenarios. Here's a bear case on a possible pullback to $23600 range by mid January 2021 with a $30,000 range by end of January 2021 to correct the overbought condition. But then again, there's still four days left in 2020 and we might touch it this week. I would not short and would still accumulate on dips. Just missed one at $25.7K.
Those who don't understand Bitcoin are still on the sidelines wondering why a "Buy Bitcoin" button isn't in their stock/options/futures trading platform.
I can imagine the poor classic futures traders that are going to be wiped trying to stop a real hard tsunami with a paper wall....
But being a trader, I need to look at possible scenarios. Here's a bear case on a possible pullback to $23600 range by mid January 2021 with a $30,000 range by end of January 2021 to correct the overbought condition. But then again, there's still four days left in 2020 and we might touch it this week. I would not short and would still accumulate on dips. Just missed one at $25.7K.
Those who don't understand Bitcoin are still on the sidelines wondering why a "Buy Bitcoin" button isn't in their stock/options/futures trading platform.
I can imagine the poor classic futures traders that are going to be wiped trying to stop a real hard tsunami with a paper wall....
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Trump has signed another printing of worthless IOUs: 2.3 trillion. the usdebtclock.org is frightening. Trillions in debt would have been hard to imagine in 1971, Quadrillion or Quintillion next? Anyone have a graph they wish to share. You'll be able to brag to your grandkids "in my days, we could buy a loaf of bread for $5!"
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More fuel for Bitcoin's rocket: "U.S. dollar share of global reserves slide in Q3 -IMF data"
Down to 60%. What happens sub 50%? Government controlled currencies, based on nothing but past inertia, are replaced by "open world digital currencies"
Down to 60%. What happens sub 50%? Government controlled currencies, based on nothing but past inertia, are replaced by "open world digital currencies"