BTC (All-time High), ETH (All-time High) and XRP Price Action Updates & Ongoing Thoughts (#7)
One thing is clear today that:
One's wealth is not depending on one's ability to predict!
When I am writing this, Bitcoin is trading at $2,853.13, all all-time high level. Ethereum is $260.55. Very nice!
Wait a minute, you will say: "You were saying BTC to be at the $1,300-1,500 level just a few days ago! You were wrong!"
Yes and no. I have been hoping for the price drop for the last few days and repeated mentioned that in the other posts. But I was never predicting a crash. I wanted it to go lower so I could buy more at 'cheap.'
That did not happen.
Once again, it proves that predicting the future is hard, actually impossible. At least I am not smart enough to do that.
As investors or traders, we are not in the business of predicting
When I see anyone using some very, very simple logics with one or two data sets to make predictions as "BTC is crashing" or "Ethereum will fail," I know they are wrong.
Predictions are for idiots. Always have been, always will be.
Having cleared that, is BTC a buying opportunity now at this level?
BTC:
As noted on my last post, now the new high is made, and it is a short-term LONG trading opportunity again. For those of you who are the long-term believers and holder, as I am, $1,300, $2,800, or $4,000 does not make any difference at all.
ETH:
More and more new companies starting using Ethereum every day. Chinese exchanges are racing to offer ETH trading. I am still a raging bull.
XRP:
I am still clueless but for diversification purpose, buy whenever you can afford, all top three cryptocurrencies. Or all top four, five if you really have more disposable cash.
Previous Post on This Series:
Ethereum Will NOT Fail and BTC, ETH and XRP Price Action Updates & Ongoing Thoughts (#6)
Bitcoin (BTC), ETH and XRP Price Action Updates And Ongoing Thoughts (#5)
Bitcoin and ETH Price Action Updates And Ongoing Thoughts (#4)
Bitcoin and ETH Price Action Updates And Ongoing Thoughts (#3)
Hope Bitcoin Price to Drop More... (#2)
10 Months ago, When Bitcoin Was About $665, I turned bullish. (#1)
bitcoin goes to US$50,000 - 1,000,000 in 10 to 20 years! (#0)
I hope I do not offend some of my readers. Please upvote and follow! Thanks!
Long on XRP. I know many people hate it because they've lost a boatload of money on it's crashes and the fact the Ripple is the bankers' darling atm. I'm thinking of it more in terms as a stock in Ripple. The more tied in with the banking system, the more interest will be directed toward Ripple & $XRP.
Always have about half my coins in BTC because of these surges. Keeps my acct balanced and acts as a reserve for the alt coin bullish periods incase I need to dip.
You are right and right!
Lessons learned trading on Poloniex.