Well here we are as predicted. I hope my readers have made plenty of money so far.
If you read my previous article, you will see me predicting these levels and you will note recently I’ve said these levels are highly likely to happen but when they do, I’ll have to consider what next.
It’s OK calling the market to buy and hold, but you have to know when to sell.
This is NOT the time. (I believe and I hold Bitcoin and many other cryptos.)
I’m not by nature a greedy investor. I am a ‘30% profit and goodbye’ type, but I have learnt that on rare occasions you should hold and hold, even as the profits become ridiculous. For me the question is: this such a situation?
This is where we are:
This is how to play it:
This is a projected example of this state:
What to do options:
a) Sell and count your profits.
b) Wait for a break down or break up out of the range. A move up means hold and breakdown is a sell signal.
A breakthrough up after a material pause means we will be on course for a new high:
This is a simple roadmap and the simplest are the best.
Why is this happening?
Markets are like snow fields. In certain circumstances an avalanche is inevitable, it just needs an event to set it off.
The snow field is the economic consequences of blockchain. It is an avalanche waiting to happen. It will crash into the world economy, whether it’s Trump or Zuckerberg or some events doing the triggering. There are several events pregnant for starting the deluge: Iran and China trade are two obvious ones and these uproars are creating the next wave of Bitcoin price boom.
These open issues are not going away soon. Any Iranian with access and funds is going to be loading up on crypto and the Chinese are only steps away from having millions try to pile into ‘the new gold’ unless Trump suddenly turns into a pussycat.
So while the normal me would be selling now, I’m holding and won’t reevaluate until BTC clears $20,000 or breaks downwards from an equilibrium level as per the above chart.
Let me leave you with Google trends:
Clem Chambers is the CEO of leading private investors Web site ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide, out now in paperback and on the Kindle.