Red Light For Bitcoin
How much a day can bring in crypto. Only yesterday at about this time I, and probably others as well, were excited about Bitcoin and other cryptocurrencies beginning another leg up that could have propelled the leading crypto to "that $6,000 psychological" miraculously taking the alts with it. But it didn't.
Last night I woke up at about 4:30 due to some pretty severe pain at my left shoulder blade that even got me to the hospital today and while rolling from one side to another, to find my sleeping position, I thought it would be a good idea to check what the cyrpto markets are doing. Bad idea...
When I went to sleep the total market cap was almost close to 190 billion and Bitcoin seemed comfortable with the price of $5,400 but it all changed in just a few hours. At the hour my shoulder woke me up Bitcoin was close to $5,100 and almost everything turned from green to red. Just like traffic lights, but without going through yellow.
A bull trap some might say. I really don't know what to say anymore, but I kinda hope it was a correction followed by the rebound of the promising upwards trend that we had. I haven't sold anything when it was all up and I am not planing to do now either. I realized I am not that good at riding such waves so I am taking the easy way.
I have diversified a bit my portfolio a few days ago, with some good tips from @bitbrain, and I will probably hold what I have until the prices will be worthy of calling that time a bull market. That's when I will finally take some profits and hopefully learned my lesson with investing in cryptos. Fingers crossed for the market to maintain its course started on April 2 and not disappoint us... again.
Thanks for your attention and have a great day!
Adrian
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Thanks.
I can't promise you anything regarding bitcoin but I hope your shoulder is ok. Take care of yourself!
Thanks. I am taking some pills and avoid effort for a few days.
Bitcoin went up through multiple resistance points without so much as a pause. 10 days of gains is a lot. That the price did not test those resistance levels between 4-5K showed very bullish strength. I look for bitcoin to have one really hard downdraft before getting through 6000, perhaps dipping back into the 3000s, putting in a double bottom. That would be painful, but shaking out the weak hands would be beneficial to the long term health of the bull.
A bull market, on its way up, will try to buck everyone it can off. As bucking goes, today is pretty mild.
I wouldn't mind to have a $3,000 dip. I just wish to have a 2017 like December and new ATHs this year...if possible.
My best (marginally educated) guess from what I see and read is that ATHs will probably be a 2020 thing. But some things ARE different this time. Getting into crypto and back out to USD is much easier. The FUD doctors in the media are going to sound out of touch with history this climb up. General acceptance and knowledge off crypto is MUCH higher then 2017. All of those things could cause things to happen on an accelerated time table, I think.