Long Bitcoin – March 2nd, 2017

To start, I cant 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:
Screen Shot 2017-03-02 at 11.17.16 PM.png

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. Simple as that.

This is a quick moving market so I will not hesitate to pull profits when price objectives are hit.

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!

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Update: 5/23/17

What a move this has been. I sat through the shakeout in March and was questioning if I was on the wrong side of that trade but here we are in late May with a double in price on our hands.

btcusd.png

I scaled out some as my targets were hit but continued to hold on during the move. I’m interested in watching price action here to see whats next.

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Update: 9/1/17
Screen Shot 2017-09-01 at 2.22.14 PM.png

Here we are at $4,850. What a ride its been. When I wrote this in March I did not think we would be up nearly 300% six months later. Unfortunately, I haven’t been in for awhile but it is definitely one of the better long calls.

On a side note, I personally don’t believe Bitcoin will be a crypto around in the future and therefore have been allocating money into one I believe will.

Where to next? Not a clue but it surely is interesting to watch price action and sentiment on this one. Either way, the trend is higher.

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