When you stop looking at bitcoin as a get rich quick super volatile trading all or nothing gamble every transaction, and start looking at it as a long term investment that makes up part of your overall investment strategy, you come up with entirely different ideas about what is a good idea and what is a bad idea.
Step back. You're holding the chart too close.
That is all very well for those who put a small fraction of their wealth into Bitcoin when it was in single or low double digits. But for anyone coming to Bitcoin now with a level of capital that is meaningful to them, it is tantamount to Assault and Robbery.
I am not holding the chart up too close. I am looking at from a very long distance. I see a massive bull trend from $10 to $1200 and a correction that has still not played out. Going by textbook Fib ratios for Wave 4 corrections, we could expect to see a 76% correction for such a move before the weaker primary Wave 5 commences. If that is to play out, then we could see Bitcoin down in low $300 and perhaps take a dip into the upper $200s.
There is a significant long term support trendline hovering around $425 which if breached, would suggest that what I describe above will turn out to be the case. If it isn't breached, then there is another resistance trendline hovering around $470, which if taken out, would suggest that perhaps wave A, of the primary Wave 4 down cycle is complete, and we could then get a good bit of upside. Or it might mean that Wave 4 has completed altogether, which means we might get enough upside to approach and perhaps breach the ATH over the duration of time.
But right now, we are in no-mans land. Only a halfwit or a cunt would recommend that n00b take a position here.
