What I'm Doing As Bitcoin Nears $10,000
Bitcoin has skyrocketed in the past few days, nearing $10,000 at the time of writing this (around $9,900). Some of you know I scaled back in Bitcoin slightly at $8,300, but have chosen not to sell anymore. Instead, I have set a stop order with the trigger being around $8700. I plan on moving this stop up to roughly $9000 and perhaps higher depending on how volatile Bitcoin is over the next few days (if it begins consolidating, will use a tighter stop).
Furthermore, I might scale my position back further or have a much tighter stop in the event that Bitcoin passes $10,000. With futures supposedly coming in two weeks, it is difficult to know how high Bitcoin can go, but gains like these in such a short period of time tend to be over-extensions. This might be a "buy the hype, sell the news" type event. Or perhaps a significant amount of institutional money comes in and shorts Bitcoin via these futures given the run-up recently. This is the time for more caution, not less.
Some updates for the channel / other social media - I will be producing more content starting sometime in December. I plan on producing a video close to a daily basis for 6 months as the YouTube algorithm loves higher upload frequency. Furthermore, I plan on writing a ton more articles on here (Steemit) and other platforms such as Seeking Alpha & Medium.
I'm excited to hit the grindstone and see what we can build going into 2018. I appreciate your patience in the meanwhile. I'd love to hear your thoughts as usual (even those of you who troll me) and thank you for watching.
I see bitcoin hitting $20,000 before april 2018.
You've taken the right decision.
Until the new year is there, the funds can't jump in. So what in January?
hey crypto invester! i have been following you for a few weeks now...you've got a fan for life right here =) awesome stuff
Big fan of your from YouTube. You seem very ell informed but even with all that knowledge it just seems so hard to predict bitcoin at the moment. This is truly an unprecedented move to the upside I agree.
You have convinced me to take my money out of alts on binance and move them again to coinbase where I can setup a stop order. It took so long for me to move my coins from biance to coinbase and I was just thinking if this was the case when the market comes crashing down I would be very frustrated knowing that there was nothing I could do about it. Not to mention it would be hard to rely on the speed of the exchanges if everyone is rushing to place sell orders.
Whats frustrating is that I am giving up potentially a good opportunity if I see other alts try to take market share when bitcoin comes down. As you know coinbase is limited to LTC, BTC, & ETH. But as you say its just way to risky right now...
Unless I find another reliable exchange that will let me go into fiat really fast I will just park on coinbase.
hey @cryptovestor, enjoy your technical analysis on all these things. I am also becoming more cautious too. Thanks for sharing your knowledge.