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:
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’m interested in watching price action here to see whats next.
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.