Bitcoin consolidates in terms of price or in terms of time
I have said it before and I will say it again, bitcoin doesn't give you this much time to sell the "top"
There are a number of reasons to believe we are nowhere near a top currently, not even a local top.
A local top is simply a place where the price tops out in the near term but in the longer term may still go higher.
However, the fact that bitcoin is still hanging around these levels for this long now leads me to believe this isn't even a local top, let alone THE TOP.
I stumbled across another indicator today I have seen several within the crypto community mentioning as it relates to bitcoin and price action.
It's the Hash Ribbon indicator.
It has a fairly good track record and apparently it is just about to put in a buy signal.
Check it out:
(Source: https://twitter.com/n3ocortex/status/1334218222187450370/photo/1)
As you can see above, while not perfect, this indicator has been darn good and nailing continuation patterns.
It doesn't get the exact bottoms per say (who does), but it is highly accurate regardless.
Some say this has already triggered while others say it will trigger in another day or so unless bitcoin tanks.
Too many things saying this aint the top...
The above is another in a long line of indicators saying we are nowhere near a top yet.
From the NUPL saying we have a way to go, to new buy signals flashing, to the amount of new big money flowing in...
They are all pointing to the fact that we aren't near a top just yet.
It may feel like it's time to lock in some gains but it only feels that way is my guess.
Too many indicators saying that is the wrong feeling right now.
Some of my worst trades were not the trades that lost me 100% of my money, no they were the trades where I pulled the trigger too early and missed out on 1000%+ plus upside.
This sure as heck won't be one of those for me.
So, while there will come a time to lock in some gains, I don't think we are near it now.
Stay informed my friends.
-Doc
Understandably some resistance where we are, just South of 20k, since that was the high watermark in 2017. But it’s been a steady long-term climb since then, tempered with a few nasty pullbacks. But BTC seems to be proving a good (although still a little volatile for some investors’ tastes) store of value, reinforcing Buffet’s adage of “time in” rather than “time-ING” the market.
Thank you for your posts; they are my best resource to “stay informed,” against the noise of nutty hype vs. kneejerk naysayers out there! (And just so ya know I also try to research on my own as well.)
That's fantastic and I am glad to hear that. I do realize that many of my posts have a bullish slant, but that is just because I am extremely bullish over the coming months and year. Hard to be negative with much when the trend will likely ultimately be higher.