BITCOIN - Always important to think long term
BITCOIN PRICE
I came across a few charts on twitter yesterday, and couldn't help but re-evaluate my position on Bitcoin.
I will let the charts speak for themselves but, would like to say, that when looking at any new technology, it's very important to think long term!
I think so to. @Kabit, can you expain a bit more about FUD?
It means Fear, Uncertainty, Doubt :)
I agree Bitcoin and some others cryptos have the potential to be enormous with market cap in the trillions of dollars or more.
However given the exponential growth, it's sometimes helpful to look at a log chart. My suspicion is the recent pullback wasn't quite enough.
Counterintuitively, if we break further up now, with a log chart we may pull back to the long term trend at a higher price than the last dip, but to my mind it will make a more sensible entry, closer to the failure point of the trend, meaning you can risk less when hopping on board the train :)
Bob
your logic is good, however it seems cryptos move contrary to our 'technical intuition' most of the time. i would not be surprised to see a price upwards of 7-8k once the November FUDding is done with.
Hehe that is true, they do move counter to our intuitions. I don't really try to forecast the future, just look for the places I can enter markets with the minimum possible exposure. Closer to the trend line means I know I'm wrong quickly.
But the drawback is... sometimes I miss some great moves. So everyone has their own style!