There will never be another Bitcoin , but there will always be opportunities that can make you as much money as Bitcoin made early adopters. The trick is to be able to spot those opportunities and to take advantage of them, either in this asset class or when something new comes along. You’ll like to think that if you bought BTC at $10 you’d be rich by now, the fact is you would have sold once BTC pulled back to $9.90. Why do I say that? Because a lot of you tend to listen to the crowd, when we hit 19k the crowd said to buy now because we’ll hit one million soon, you bought and price fell to $3500 and so you panic sold along the way. The crowd says don’t buy now because we’re going to $600 so you don’t buy at $3500 and we hit $14,000 and this manipulation will continue forever. If this is the story of your life now you know why. The good news is that a lot of you are beginning to catch on and are taking steps to make your own choices.
WHAT’S BTC DOING NOW?
On the daily chart , BTC is hanging around the 200MA too much, as expected it dipped under and it jumped back over it right away before closing. We are now back under it with the current candle set to close tonight. We had a buy order at $8500 which hit and one for ETH at $210.00 which was coordinated with BTC’s dip, both turned out to be right on the nose. Needless to say, losing the 200MA on the daily time frame is a big deal. This drop immediately after the golden cross seems suspicious at best, but we’ll give it the benefit of the doubt because we have a global event disrupting everyday life, not to mention that the Dow and other indices have taken a beating this week. Lastly, for those expecting to continue the move up, BTC needs to get to $9250 asap if we are to continue moving up. Hanging around $8600 – $8700 will lead to a tumble.
WHAT’S THE OUTLOOK?
None of us have experienced a pandemic so we are in uncharted territory, but in cases of national emergency, most people just want cash on hand, which will lead to withdrawals and a drop in prices. That being said there are a set number of places that price will have to visit if we keep falling and one of them will be the absolute bottom, our job is to map out that possible scenario. To be clear our trade continues as planned.
Comment: The 20MA + the 50MA are acting as strong support for now.