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RE: Why I'll Sell Bitcoin if it Reaches $17,000 Soon
Your content is tremendously helpful for me, as well as new people getting into crypto. You have a great niche as the "Voice of Reason" in this volatile space.
My question is in regards to what kind of consolidation (post the recent pullback) you would like to see in order to be bullish again on Bitcoin (Dollar amount, length of time, etc.). You mentioned that it has risen to far, too fast since the pullback and will be selling at 17,000. Do you have a specific methodology you use, and if so, do you apply it to all cryptos, or just Bitcoin?
Thanks again for your consistently solid content.
P.S. - I just picked up Cryptoassets today.
No methodology on it being too fast - this is the art of understanding market sentiment and trying to deduce what market participants are feeling. It bounced back 35% in a day, nearly 55% at one point - when I think of how most people will respond to that, I don't think many people will have full confidence in that rally and if it sells off, others will follow as they will collectively see it as a dead cat bounce.
We are starting to see substantial support at $13,750 which is making that level more and more critical moving forward. If we see Bitcoin consolidate between $13,750 & below $17,000 I'll likely remove my limit and just hold.
Great book by the way, you should find it useful (or at the very least informational). Thanks for commenting and the nice words.