Using Bollinger Bands to Buy and Sell BTC

dwarrilow2002 (65)in #steem • 6 years ago

When is the best time to get out of the market? When the guy at the checkout counter at the grocery store gives you a stock tip. That is the way things are now in the cryptocurrency market. People have noticed that conventional methods of accumulating equity bonds, stocks, real estate have either failed or are unattainable. So the newest way to earn equity "Bitcoin" is really attractive. Meanwhile they are doing this is such a way which is doomed for failure. They are wanting to compete in the "Tour de France" before knowing how to ride a tricycle. This type of activity invites a mania similar to the "Tulip Mania" of the early 1600s.

At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsworker.

I think that the price of BTC has a long way to go. It is entirely possible that it will attain the $500 k price by next year:

Part of the price of BTC is that it is being compared to other currencies such as the US dollar. The reality is the US dollar is primed to go into hyperinflation

In the mid 90s the money supply was $2 trillion. When Barack Obama instituted quantitative easing the money supply was over $10 trillion. The M0 money supply is now over $38 trillion. What is this based on? During the mid 90s the US was the preeminent country for manufacturing and jobs. Today that position is shared by China and India. There is no justification for the "value" of money to be 20 times of that 90s value. From that perspective, a can of coca cola (my measure of comparative currencies) would now be worth $10 USD compared to the value of money from the 90s. Bitcoin reflect a truer value of the USD. As of writing this 1 BTC is worth 8,866.14 USD.

So why am I writing this and what does it have to do with buying and selling BTC using Bollinger Bands. Bollinger Bands are the first indicator that a person should become familiar with. In the short time (but I was interrupted) that I took to write this another signal to buy occurred.