BEWARE BITCOIN- EXHAUSTION is MENTALLY DANGEROUS!
From the average citizen's perspective, this vehicle, BITCOIN, has exhausted its move north. There is a great amount discussion regarding bitcoin's trading value vs. bitcoin's value against government fiat and intervention (aka "block chain" concept). And from a purely technical analysis, there is much more to lose than to gain. Why?
Let's review the price action in terms of range on the weekly chart (below). Notice that the 500%+ move early in the infancy of bitcoin? As you move forward, that percentage (or yield) is decreased substantially. And, that occurs because the type of investor changes.
At today's price, the average citizen's buying power simply cannot compete with institutional power. The same thing is true in, for example, AMZN, AAPL, BABA, etc. Can the average citizen afford to risk a 30% haircut for 30% return? In my opinion, no.
JUST LOOK AT TODAY's price action!!!!!!!
If you bought the $2750 hype, you're now down 20%!!!!
Folks, if you have the cash, enjoy the ride. If you don't but like the concept of bitcoin, WAIT!!!!!!!!!!!! Wait until a reasonable price (one YOU determine is reasonable), by all means, speculate.
Be careful out there.
The Maestro!
www.themaestroway.com
Wise words. We have not seen the long term value of bitcoin so st this point one is a speculator instead of a real educated investor.
About to sit back and enjoy a backwoods bastard
Is that metaphorical or literal? lol
snark! but seriously, don't you think bitcoin is something of a safe haven? people can buy just a tiny fraction, even at these prices, as long as the Asians are buying, it will rise, cuz there are billions of them!
Nothing can go up like this and not take a breather. Oh wait except the SNP, DIA and QQQ never mind my bad.
How much more parabolic can it go? And then how low will it drop? The Maestro - I would like to hear your predictions.
For people who bought into BTC before the start of this year these kind of price fluctuations do not bother them too much. Totally agree if somebody just getting in now cant deal with seeing their invetment drop by 30, 40, 50% then try and wait.
Use a GDAX.com account with your same user name and password from Coinbase and set some buy orders to capitalize on the huge price movements.
On the other hand if you see the future potential of what the price of BTC could be then just buy in and then close your eyes for a year.
Always remeber, dont put the money that you need to survive off into anything that has risk like this. And if anybody wants to protect themselves against financial collapse then firstly buy food and secondly physical silver.