Bitcoin (BTC) $10,000?
A comment was made that Bitcoin can go to $10,000...possible? Yes! Would I kick myself for taking profits? No! But, I've learned that there are distinct differences between possible and probable. The commenter shared this chart which I labeled with EW 1,2,3,4,5 count (red). If Wave 5 is the last terminal count before a correction of ABC, the question you need to ask yourself is at what point of wave 5 will you be happy to exit? I've marked my happy to exit point. If you want to ride wave 5 to its tippy top and exit just at the right time, please do.
https://ibb.co/keXQMa
Jim Cramer is a nut case! However, I agree with his saying: Bulls make money, Bears make money but PIGS get slaughtered. IMHO, waiting and riding the final wave 5 up to the tippy top is a bit piggish. I've had the horrible experiences of being slaughtered. That's why I'm taking profits.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.
@haejin - What's your opinion on selling into SBD rather than fiat in times like these when you want to get out of BTC? Thanks for your work!
No, FIAT for me.
Thanks for sharing
Technically, Bitcoin's worth in fiat is infinite because there's no limit for fiat currencies to hyper-inflate. The dollar is no exception to this, it has already lost most of it value since 1900.
True and agreed! However, you speak of a time into the future and we're not there yet. Until then, we need and use fiat.
I sold almost half my BTC at $3,700... I'm tempted the sell the rest because I see a correction before we hit $5,000. Although, I could be wrong just as I was thinking a correction was going to take place before $4,000...
I've sold 1/3 of position and now entered to sell another 1/3. I think laddered selling/buying is best.
does your previous price drop still stand or will it not drop quite as far now ? previously $3800 to possibly $2000 - if we hit $5000 do you still think it will go down to $2000 or bottom at say $3000
EW states that every five wave impulse corrects with a three wave abc. The c wave extends to prior wave iv....that was around $2,000 to $2,500 or so. It doesn't matter how far the last 5th wave goes, more on where prior wave iv resides.
ok got it ! thanks for the clarification !
Bitcoin doesnt want to give up dobe4ever reckons now its sat above $4100 for a few candles the next level resistence level is $4800 which if not broken (not likely) will then see the huge correction ?
I am the Great Cornholio! I'm a gringo!
But what position will you be in if the US dollar collapses? Bitcoin may skyrocket to $1 million, and the cash you hold is now worthless, and you will be unable to recoup your loss. In my opinion, Bitcoin is going to end up being the worlds reserve currency. That's why Bill Gates, Paul allen and Richard Branson are holding on to theirs. Im not in a position financially to buy more bitcoin, but I feel like solo mining is the best route, even if the returns are small at first. Without mining- Bitcoin transactions cannot occur.
Agreed. I however feel that equities have more huge upside; e.g.SPX to 3,000. The dollar is still the dominant currency. Can Bitcoin go there? Yes, but not now and for a while. The masses have not adopted yet. They shall, but not yet.
Also, I've got a bad feeling that the damn SEC is up to something on anti-Bitcoin. Not sure what exactly.
The fiats are more likely to stay and I believe there can and might be a commingled existence between fiat and cryptos.
I've seen people go bankrupt. However, it took them years to finally file because so much credit was available.
The fiat system has Central Banks and they can service debts up to $100 Trill and the current $20 Tril is nothing. This means don't yet underestimate the CBs and FIAT.
The above is why I buy and sell cryptos to slowwwlly amass it.
I have over 6 Billion Zimbabwe dollars, in 200 million dollar notes, and some old Wiemar Republic notes from Germany worth 50 million Deutche Mark, and they are printed with ink on only one side, to save money on ink. The same thing could, and will, eventually happen to the US dollar- Because fractional lending and printing money out of thin air all leads to the same consequence. The US dollar should be backed by gold or Bitcoin- and there is a rumor of Fedcoin- but it has mainly been scrubbed from the net. My opinion is that the US Federal government is going to sit back and watch how things develop and evolve- and watch how the cryptocurrencies solve their issues with scaling and theft- and then swoop in exactly like they did with Napster and KimDotCom. Napster ended up with less than zero- yet everyone download music and KimDotCom had his New Zealand palace raided for- Developing a better way to stream videos and data on the internet. Im sure the various Federal Law enforcement agencies will use Bitcoin, et-al to cover their various Black ops activities as well.
As Andreas Antonopoulos would say: "Goat shit burns longer" which is why Zimbabwe didn't burn the money.
They sell it on ebay, to numismatics like myself.
meep
No btc 1 million
I agree that day shall come but we're far away from that point, IMHO.
I think correction is close - many signals of divergence can be found.
Yes. This is why I've sold 2/3 of my positions to raise cash to buy at better prices.
ive sold 2/3 at 3800$ as well. a little regret because i see 4700$ by monday lol. Very interesting articles, opinions and analysis. So far from what I can grasp from the situation doing 5 months research before even entering the realm of bitcoin and waiting patiently for Aug. 1 to come to see how the market would react to the fork. Seeing that nothing changed i bought my first btc at around 2600 accumalted more at 2800 and more at 3200... having we now sit at 4300$ and one thing is certain that bitcoin has defied gravity from chart perspective and I truly believe price is reflective on people coming around to believing in the power of change that bitcoin has.
It would be extremely naive of us to think that the central bank and gov. are not plotting something to counter bitcoins surge. They almost certainly are not gonna sit back relax and watch the show as we the people take charge and say what indeed has value.
Can and will the government do something about it? 100% Will it work???? Probably not. Bitcoin is simply too big. Too big too soon? for sure. But for gov. to destroy crypto and introduce something better than bitcoin that has been internationally accepted and praised by those who believe in its future. I say good luck...
Having said that... Haejin I posted some alts If you could kindly check out for some feedback. lol ty ty
another point I would like to bring up is if a lot of pro traders coming from a traditional market setting are all doing the same cashing out waiting to buy the dip. With all this new money entering the market inflating the price. How probable and likely would a significant price drop be???
I hope you laddered your sell? My first ladder still has some unfilled rungs and so does my second ladder for the second tranch of 1/3.
You'd be surprise how even pros herd like cattle. Listen, for Bitcoin, this picture says it all for me, even if it goes higher: