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RE: BTC update 02.09.17

in #bitcoin7 years ago

I have nothing against HODLers whose goal is "to get the much bigger reward further down the line". Their money (and BTC), their choice. However, I've discovered that - for me at least - it's better to take some profits and money off the table whenever BTC and other coins reach a certain height.

Whenever something goes so fast, so soon, there is bound to be a correction. The last significant one was in July when it went down from the high of near $3,000 then to a low of $1,800-ish.

The HODLers who did nothing recouped the paper loss, of course. And then some. More power to them. But the traders did even better - selling some when they felt things were getting too heated, plus when immediate support didn't hold. And then buying again when they were reasonably sure support had been established.

For now, I'm looking at the previous high of $4,450 as support. That would be a good time to buy. But of that support doesn't hold, the next one will be 3,850.

Not a bad idea to have some fiat at hand...to take advantage of a possible buying opportunity.

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BTC is not going up as fast as you think it is. Compare it to the last big drop when it went from 1800 to 2300 in day. That was fast... at 4800 this would be comparable to an increase from 4800 to 6150 in day ... this is normal paced steady uptrend slowly reaching the end of wave 5

Actually I'm not expecting it to. I do know that many are hoping for a quick correction and for the BTC train to move ahead on its merry way again. But I'm with you on the technicals - I feel it will take some time before the $5,000 level is challenged again.

Instead of "the $5k point", the more immediate action for BTC is in ensuring whether the support level holds. Then it will have to form a new base where the daily moves are somewhat flattish although with shallow up and down spikes. Like it had been previously when it was around 4,100-200. Before challenging and breaking the previous 4,450 high.

I also believe that in the near future, there will be a shakeout. Weak holders who came in near the high will cut loss. Plus those wanting to lock in their profits. We will have to see the price action over the next few days first.

I'm fine if I were to be proven wrong, i.e. this correction will be swift as some people hope. But I don't think so. In fact I'm anticipating some turmoil and pain ahead.

Sorry buddy, but :

if it was a normal technical analyse of an Stock ( a real company!), yes it will be a bouble and price needed to eventully fall!!!

BUT its BTC people!!!!!!!!!!!!!!

every day 1000s of pepole are joining!!!!!!!!!!!!!!!

And they willing to pay a lot of:

Its BTC people!

Get the vision!!!!

"every day 1000s of pepole are joining!!!!!!!!!!!!!!!" <--- With nobody selling...?

BTC now at $4,422 ...
Would be great if those "1000s of pepole (sic)" were to come in right now as the charging cavalry.

Sorry buddy - the market doesn't care if it's bitcoin or jackshit. The law of supply and demand always holds true.

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