Seldom in our lives do we ever get to have a chance to own a technology at the beginning that is life changing. BTC' happens to be one of them. And though I have posted many corrections or shorts on Bitcoin I have always reminded everyone DO NOT SELL YOUR CORE AND DO NOT SHORT ON MARGIN! Of course people read short in the title and think we are doing just that. PLEASE READ THE ARTICLES FIRST BEFORE COMMENTING!
Bitcoin is not the first to create the "anti-gravity" machine, and it's not the most profitable either. Believe it or not Wal-Mart holds that title!! But bitcoin is quickly challenging it. Like the other charts shown below these were all new technologies or challenge the status quo. Note how they had exponential growth. What is really amazing is the parallel between BTC' and Amazon as they have almost identical percentage movements! Both Walmart and Amazon were disruptors in their perspective industries. Cisco and Bitcoin on the other hand we new technologies. Ok you can say BTC' has disrupted financial industries like Walmart disrupted retail. But Cisco is a better comparison. Why? Well because even though cisco has 50% market penetration other network companies have been challenging it. Juniper, fortinet to name a few. both better technologies etc.. But Cisco was first to market and many companies integrated using cisco and once you integrate it's difficult to change.
However Bitcoin is also being challenged for this same market share. Now what differs here is there are several other coins competing with it for top dog! Yes ETH' and BCH' along with my favorite DASH'. But this doesn't mean we give up on the first to market. This is key, brand name, name recognition, market penetration etc. Yes BCH' has faster and larger blocks, but one announcement by BTC' that they are doing the same could be a crushing blow to BCH'. This is why we must monitor for fundamental changes.
But BTC' has been resilient and like the others below is bound to go higher. How high? Only the market knows. Keep in mind the market is full of stocks and companies that had charts like those below that FAILED!! Were replaced by other companies with better direction, better marketing and moreover a better product. But for know they hype is on BTC' and that is the reason we DO NOT SELL BTC IN OUR CORE PORTFOLIO. We hold on for the long term.
Market timing is for losers. Sorry I know the truth hurts. Trying to sell your core position and buy it back cheaper often leads to missing out on large runs. I expected a pullback here, and had I sold I would have missed out on maybe yet another run.
Does it pullback here? I still think it does, but I am also very aware that it does not have to and the charts below are my proof as to why it doesn't. BUT eventually corrections happen! And BTC' will NOT be the exception.
I have updated my EW and Fibb count for BTC. Kept it pretty clean. At the top I noted some questions marks. Are we topping here at 5 and III, or is this just the beginning of wave iii in the 5th wave? Only the market knows, only time will tell. But we must keep in mind corrections happen so I am not buying here nor am I selling as I said before MARKET TIMING IS FOR LOSERS. Now my buddy Phil caught the dip at $5600 and bought some more. That was a great move on his part. I did not. crap!
One thing that caught my mind is we never hit the 2.618 extension from wave 4. Now do we have to get there? NO, but it is quite possible we do get there before the correction starts. We could also challenge $10.466. I know many had this on their charts for months, but throwing a number up there and having some TA to back it up are two different things. So in the end I am mixed on BTC' however a strong break of $7982 may have me enter for $10,466 as I believe if we go higher that will be the next critical level.
I dont go to races, all horses seem to look the same. But we cant spot BTC here is amazing.
Once day BTC will indeed become dust, its because trivialisation of money wont last. If I keep an electronic wallet with money on it to spend or to store, I need legal protection of it. Which means crypto rouble, or crypto dubai, or crypto BOA is what people will store their wealth in. I want full legal guarantee of my money, and a sort of stable value not exposed to manipulative gangs of goons and mafia like syndicates. Money is not a matter of joke. Selling viagra and weed is a use case as so is money laundering, but in general most people in this world are good. Greed brings people to trade in bitcoin, its not adoption. The day BTC stops rising like a souffle the party is over.
Money has been digital for a long time. Feds dont print trillion dollars every year on paper to circulate currency.
neerajniccu
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@neerajniccu,
Dont get me wrong.. i love to trade in bitcoin. Always have been. Its a reliable place to earn your daily 2%.
@neerajniccu, here he is!!! I think you are ai. But one of the original ones. Like from 1980. Ais are normally M U C H smarter than this ;-)
neerajniccu
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@qdoc,
U r so witty. Give me a few hours i am trying to understand ur Oxford street comments.
Doc-al-Citadel
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@neerajniccu, no worries mate you're probably on a date with sophia ;-)
RichiRichi
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How does one make money when he never sells?
ruraldisturbance
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@RichiRichi, He didn't say never sell, he said don't sell your core position. My core position is lets say, 75% of my Bitcoin, the other 25% I will play with in the market. I also have a percentage in USD for those huge drops.
goldbug1
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@RichiRichi, How many traders make money? I never sold JNJ since 1980, and that is a small fortune now! So it depends what your goals are, to build assets for the long term, or try a be a trader. And I emphasize TRY. Because most traders do not outperform investors!
I make money working and with my businesses, I have my money I make in investments diversified from metals to real estate. My goal is to increase my assets and retain my wealth. I'm not trying to make money from trading coins, I'm trying to build wealth for the long term.
So everyone must have an objective and a goal. If it's to trade and make money, then you will most likely in 5 years be behind those that invested and held. for me it's about preservation of wealth!
Once day BTC will indeed become dust, its because trivialisation of money wont last. If I keep an electronic wallet with money on it to spend or to store, I need legal protection of it. Which means crypto rouble, or crypto dubai, or crypto BOA is what people will store their wealth in. I want full legal guarantee of my money, and a sort of stable value not exposed to manipulative gangs of goons and mafia like syndicates. Money is not a matter of joke. Selling viagra and weed is a use case as so is money laundering, but in general most people in this world are good. Greed brings people to trade in bitcoin, its not adoption. The day BTC stops rising like a souffle the party is over.
Money has been digital for a long time. Feds dont print trillion dollars every year on paper to circulate currency.