Bitcoin Is Over $7,200!

[Joe Flacco]

I don't understand HODLing. Holding through 35%+ draw downs is crazy to me.

 

[Big ole Boy]

Some of us got in a long time ago and have seen this movie several times before:

1. Bitcoin price goes up 10x

2. Then it goes down 70%

3. Then it goes up another 10x

4. Then it goes down 70%

5. Then it goes up another 10x

(all for no apparent reason?) Apparently the trained Keynesian monkeys can not see that 80% of the world has been shut out of the banking system with no way of saving or earning a living. Apparently, the Keynesian monkeys are unable to understand the difference between debt based asset pricing and real capital asset pricing. Apparently the human brain is just a piece of programmable plastic and is unable to "think" for itself, apparently.

In a world absent of trust - crypto wins everytime. A piece of paper requires trust, but an algorithm graphs social-collective intellectual evolution into energy, money, store of value and currency all in one.

There, I solved it for you.

 

[Joe Flacco]

I'm planning to get back in. Just glad I didn't hodl. Lol

 

[Joe Flacco]

I'm thinking getting close to a bottom but no rush to get in. I think it's going to take longer than people are thinking to bottom.

 

[DTB]

Trading is about behavioral finance. Investing is about fundamental finance.

Behavioral and fundamental finance are but following the breadcrumbs of the market. Both can be done successfully and both can fall on their face.

In the end it is about risk/reward and having the conviction to get out relatively early when wrong and hanging on when right.

Sounds simple because it is, but it's not easy.

Good luck to all.

 

[Joe Flacco]

If history repeats then BTC retraces the whole move down to the $1000 - $1200 area. The base that formed between 2014 and 2017.

You can see a similar but smaller base that was formed between April and November 2013 and the break out of that took it from $200 to $1200. That move retraced back to the break out level and took three years to digest until breaking out again in 2017.

 

[Joe Flacco]

I am thinking many more than three years before seeing new highs again. I am thinking something along the lines of new highs in BTC occurring around the same time as the next major global stock market crash which I am not expecting for maybe another 10 years.

Or I could be wrong and it just gets bought in this area and goes higher.

Personally, if I am holding BTC today I am probably looking for opportunity to exit maybe in the $12k-$14k area.

 

[Joe Flacco]

Zoomed in on recent move since breaking out of the 2014 - 2017 base, the price is currently back to around the trend line area. Probably gets a decent bounce soon.

 

[Big ole Boy]

Richard Heart thinks Bitcoin is done. Thats a big deal in the Bitcoin world

 

[Non Sequitur]

Puerto Rico and crypto: https://www.cnbc.com/2018/02/02/making-a-crypto-utopia-in-puerto-rico.html