To start, I fully don’t understand what exactly BitCoin is and if it will be around in 15 years, but I read up a good amount on it recently. I also setup my Wallet and chose my exchange in anticipation of purchasing some for this monster breakout.
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. 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!
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.
I scaled out some as my targets were hit but continued to hold on during the move. I am officially out as of yesterday morning. I feel the ~2,200 level will be tough to get through. I wouldn’t be surprised if we head toward ~2,500 but I am taking my gains while I can. This market moves quick and I don’t want to wake up one morning with half my gains lost overnight.
(Ethereum on the other hand has been even stronger and I owned a large position in that, but I didn’t discuss it so thats that.)
I’m interested in watching price action here to see whats next.