HairyMaclairy
Hero Member
*****
Online Online

Activity: 868
Merit: 1419


Degenerate bull hatter & Bitcoin monotheist


View Profile Personal Message (Online)

Ignore
November 19, 2017, 11:36:56 PM

So far this year since July bitcoin price has stayed within the channels of this pitchfork drawn on a log scale chart:

The trend lines suggest a mid-term top around $9000 followed by a correction back to $7500. Price could also correct back the the mid-line at $6500. Where it gets interesting is if price breaks through the top trend line. Also something to keep in mind is January tends to be a down month, so I am expecting a rally into middle of December then some profit taking.  

I cringe whenever someone talks about profit taking in regards to exchanging bitcoin for fiat. Bitcoin is not a stock. I don't know how people sleep at night with their money in fiat.

I cashed out my original investment out when it had gone 10x, leaving me with 90% of my portfolio.  I have also diversified into other leading currency cryptos (none of that ICO garbage).  So my current portfolio is now 85% bitcoin, 13% bitcoin competitors (including some longshots)  and 2% USD on exchanges.  I also split my holdings across multiple exchanges to reduce counterparty risk for stuff that is not on hard wallet.

I sleep a hell of a lot better at night knowing that I am defensively hedged. Yes - it could cost me millions in the long run but insurance is expensive.  You hope you never have to use it but, but it is there just in case.