To start, I can’t say I fully understand what exactly Bitcoin and the Blockchain are/do and if it will be around in 15 years, but I have been reading up a good amount on it recently.
In early January, I found it interesting that we hit ~1,140 and sold off immediately as these were December 2013 highs. It’s odd that Bitcoin acts so well technically, but I am not complaining.
Here is a non-log chart:
We could give this pattern a few names, but regardless I see a massive breakout underway. We want to be long Bitcoin above 1,160 with first price target of just under 1,400 and a second price target of 1,600.
This is a quick moving market so I will not hesitate to pull profits when price objectives are hit. On the other side, I am also not against letting partial profits run as this thing can really get going. Let’s see what happens..
The way I am thinking about it is: if this chart was AAPL or XOM, I would be buying. So just because it is Bitcoin I wouldn’t stray away.
Disclosure: I am currently long.
Thanks for reading!