Bitcoin Direction....
I posted the chart below so that you can see the small position I took in Bitcoin a while back when I was telling you that it was likely headed further down. It did fall to my target and bounced. You can see that this is a very big volume area.
Do I think that it is done falling?
No, I don't. They say it can't be manipulated but I disagree. I think like any buyer or seller market it can be jolted one way or another. Remember Bitcoin is priced in US Dollars. Funny how the doomed dollar still holds the biggest weight when it comes to people trusting a currency. No, it is not a good currency but it is still better than the rest as most are engaged in the same sort of ponzi debt scheme. It is just that the US still has the largest economy.
I don't really know whether Bitcoin will become a currency of exchange. I think people want an alternative but they don't really know how to get around the US hegemony. Being their next-door neighbor I personally don't really see why anyone would try to unseat it as the world's reserve currency at the moment unless you have a more sound currency alternative like say gold. However gold is not really a practical means of exchange in today's world.
I will probably liquidate from here although it could easily return to the 3000 mark from here quite quickly.
Were you one of the people who jumped on the Bitcoin train again when it was up around 12000?
I hope not.
I suppose it is like most big bubbles. You wish you could go back in time and know what was going to happen so that you could become filthy rich but alas you could say that about any market. The idea, of course, is to take your risks over time. Time becomes the most important factor. There will be some who get rich off bubbles and they make others highly tempted to try their techniques. However, if you have followed me over time you know that it is a crapshoot. You may get really lucky or you may lose it all. That latter happens far more often than the first.
I try my best to keep you on the right side of the markets. In a sideways market like the one we have at the moment in most financial instruments, it is not easy. There are no distinct trends to follow and there is no sign that the markets will ever return to being free again. That being said there will always be an opportunity. Cheers!
Do I think that it is done falling?
No, I don't. They say it can't be manipulated but I disagree. I think like any buyer or seller market it can be jolted one way or another. Remember Bitcoin is priced in US Dollars. Funny how the doomed dollar still holds the biggest weight when it comes to people trusting a currency. No, it is not a good currency but it is still better than the rest as most are engaged in the same sort of ponzi debt scheme. It is just that the US still has the largest economy.
I don't really know whether Bitcoin will become a currency of exchange. I think people want an alternative but they don't really know how to get around the US hegemony. Being their next-door neighbor I personally don't really see why anyone would try to unseat it as the world's reserve currency at the moment unless you have a more sound currency alternative like say gold. However gold is not really a practical means of exchange in today's world.
I will probably liquidate from here although it could easily return to the 3000 mark from here quite quickly.
Were you one of the people who jumped on the Bitcoin train again when it was up around 12000?
I hope not.
I suppose it is like most big bubbles. You wish you could go back in time and know what was going to happen so that you could become filthy rich but alas you could say that about any market. The idea, of course, is to take your risks over time. Time becomes the most important factor. There will be some who get rich off bubbles and they make others highly tempted to try their techniques. However, if you have followed me over time you know that it is a crapshoot. You may get really lucky or you may lose it all. That latter happens far more often than the first.
I try my best to keep you on the right side of the markets. In a sideways market like the one we have at the moment in most financial instruments, it is not easy. There are no distinct trends to follow and there is no sign that the markets will ever return to being free again. That being said there will always be an opportunity. Cheers!
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