Cryptocurrencies Strategy

Bitcoin Has Officially Gone Parabolic – Remnants of 2017?

Today has seen Bitcoin officially hit parabolic mode as price is soaring straight higher on the price chart.  Being someone that is HODling some I’m trying to just enjoy the ride, however the investor in me can’t help but worry when the punch bowl is gonna run dry.

We’ve seen this before, we’ll see it again

Look at this chart.  It’s basically a straight line up the past few days.   Last time we saw that was…yep, late 2017 and then there was the aftermath.

How High Can We Go?

If price is gonna do what it did last time than 17K is certainly foreseeable, who knows maybe even higher, but 17K would put us in a position similar to the first big pullback in 2017 in regard to price vs. the 10 period moving average.  Though this is just a guesstimate based on where the 10 day would be at that point a few days from now.

Enjoy the Ride, Wait for the Red

The one lesson I have picked up from the 2017 move is to enjoy the ride until I see a clear slow down in momentum.  Basically I’m forcing myself to hold until I see a red candle as selling at price targets/resistance points on the way up will not serve me as well compared to a traditional uptrend.

I sold a tiny bit at 10,200 trying to anticipate a pullback.  I’m not doing that again when we have mania going on again.  I’ll wait for some red then sell and buy back a little lower…..at least that is the plan.

 

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