http://archive.is/TUMERBLOOMBERG: Bitcoin Heads Toward $7,000 as Pain Returns on Gloomy Technicals
By Eddie van der Walt
Wednesday, May 30, 2018 16:56:59
-Drop below average price for last year could send it falling
-Price heading for $2,800 by the end of the year, Day says
Bitcoin’s in a world of pain, again.
The biggest cryptocurrency has renewed its flirtation with the $7,000 price level. The slide has helped to also send other digital assets into retreat, with Ethereum, Ripple and Litecoin all lower on Wednesday.
Since failing to regain the psychologically important $10,000 level on May 4, it has closed lower in New York in 12 out of 17 sessions. The hype surrounding last year’s hottest asset class have faded in 2018, with fewer online searches and more pressure for regulators, with technical analysts saying the decline replicates the pattern seen following the collapse of the Mt. Gox exchange four years ago.
“The emotions are no different from the last time this happened, it’s just a different set of people going through it,” said Paul Day, a technical analyst and head of futures and options at Market Securities Dubai Ltd. “We could go down a long, long way.”
Bitcoin on Friday dropped below its average over the previous 252 days, roughly equal to the number of trading days in a year. This could mean that the next leg lower is already underway, with the price heading for $2,800 by the end of the year, Day said.
EDIT: I know the above is pure FUD, and although BTC is currently priced below a level I would like to optimally sell at, I'm starting to consider cashing out another fair chunk around $7,500 if shit doesn't start trending upwards in the next few weeks. "Just get the pain over with" so to speak, and put the rest of my stash into cold storage until after 2020. I'm not considering it as "weak hands", just thinking pragmatically and what is best for my mental and financial health. Again, $11,500 is my "optimal" exit number, but, yeah, this whole Zen thing I'm working on is teaching me more to live "in the moment/now", and the more I think about "the now" vs "the future - which is uncertain", I could dump a chunk at these levels and find peace in the decision. We'll see how things play out, but looks like we're headed on a nice bull-run at the moment...
Be strong bob. At least wait for this daily wedge to play out and hope it breaks to the upside. Wont be long now either way.
