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RE: Bitcoin Hits New All Time High - Looking to Test $5,000
It was the pop we were waiting for.
It was a big move so another breather wouldnt be surprising. The market did give back $100 from the high so many were scalping.
I think the breakout was an opportunity for many to add to their positions. I know a lot were looking for a pullback to the 3900-4000 range which didnt come.
It will. I am super confident (especially now being unbiased and all in cash) that we will see a big big pull back which will ultimately last longer than the "boom". It'll be similar to the 2014 pullback. There is NOTHING superior to btc over other cryptos besides it's name. Market trading realism says this can't sustain. Ultimately I wouldn't be surprised if there was a pullback all the way back down to $1,300-$1,500 where we'll see long term consolidation.
I can see that although I see the frenzy pushing this up to $6000 before anything like a reversal happens.
I took this opportunity to add to my LTC position this morning (also got myself a starter position in steem).
It we get to the $5000 before another rest, I might look to convert the profits to steem.