BTC - Don't Miss the Forest for The trees!
“It resonates with us when a client says ‘I want to hold Bitcoin'because I think it is an alternate store of value’” Rana Yared, Goldman Sachs executive. Often for new investors it is difficult to keep their eye on the prize. This is where greed and fear often prevent someone from being in the market when larger moves happen.
Well within an hour after posting the article yesterday, bitcoin' was at 7500 or a 5% move from 7114 at the time I hit post. Market sentiment changes on a dime and without warning. Imagine the move that happens, in a short period of time when, Wall Street enters the market with ETF's, ETN's or other products that allow for trading of the main street investor.
Reminds me of the Movie "Joe Dirt", and the quote "Is this where you wanna be when Jesus comes back?" Well how do you want to be positioned when wall street comes in? Do you think you are going to catch that spike? Goldman obviously is positioning themselves for entry into the space and these are not "whales", they are megaladons! I believe the initial spike is going to be a major one, and there will be some signals before, but if you are scared, and hesitating, or believing you are going to pick up bitcoin at 3k, well GOOD LUCK! Your simply selling into the banks and institutions that are slowly accumulating under your nose.
Paul Tudor Jones used to break trades into small blocks using multiple brokers. The reason for thi traders found out he was buying, the stock rallied. He accumulated in the dark not in broad daylight. No different then Berkshire Hathaway' announcing they bought Apple 'the first quarter. Apple' rallied from 150's to 190. You are not going to catch that spike.
7490 is the initial level to push through. This is the 0.382 retrace of the overall bearish retrace. 7916-8912 is the zone that contains the 0.618 retrace and a level we will look for a reversal signal. Longer term we are looking at the 10-11k levels as an area to start reducing this position trade, or we may just stay in it depending on how the market reacts when we get there. We have added at 7600 & 8464 so though we could add here lets we want to wait for a move through the initial resistance level at 7490 to provide some evidence this is not a failed breakout.
Bottom line; if you believe in the space, do not lose sight of the forest for the trees. Quit looking at those trying to time the market with we may go here, we may go there. I know I get a lot of crap on being long, but this is a long term outlook and I do this to keep the market in perspective. Its a marathon' not a sprint', and long term I believe the market moves higher. If you do not then IBM' is on sale, and something is happening with Kohls'
I hope everyone had a wonderful Memorial Day Weekend and if you are a Veteran I want to say thank you for your service!
Well within an hour after posting the article yesterday, bitcoin' was at 7500 or a 5% move from 7114 at the time I hit post. Market sentiment changes on a dime and without warning. Imagine the move that happens, in a short period of time when, Wall Street enters the market with ETF's, ETN's or other products that allow for trading of the main street investor.
Reminds me of the Movie "Joe Dirt", and the quote "Is this where you wanna be when Jesus comes back?" Well how do you want to be positioned when wall street comes in? Do you think you are going to catch that spike? Goldman obviously is positioning themselves for entry into the space and these are not "whales", they are megaladons! I believe the initial spike is going to be a major one, and there will be some signals before, but if you are scared, and hesitating, or believing you are going to pick up bitcoin at 3k, well GOOD LUCK! Your simply selling into the banks and institutions that are slowly accumulating under your nose.
Paul Tudor Jones used to break trades into small blocks using multiple brokers. The reason for thi traders found out he was buying, the stock rallied. He accumulated in the dark not in broad daylight. No different then Berkshire Hathaway' announcing they bought Apple 'the first quarter. Apple' rallied from 150's to 190. You are not going to catch that spike.
7490 is the initial level to push through. This is the 0.382 retrace of the overall bearish retrace. 7916-8912 is the zone that contains the 0.618 retrace and a level we will look for a reversal signal. Longer term we are looking at the 10-11k levels as an area to start reducing this position trade, or we may just stay in it depending on how the market reacts when we get there. We have added at 7600 & 8464 so though we could add here lets we want to wait for a move through the initial resistance level at 7490 to provide some evidence this is not a failed breakout.
Bottom line; if you believe in the space, do not lose sight of the forest for the trees. Quit looking at those trying to time the market with we may go here, we may go there. I know I get a lot of crap on being long, but this is a long term outlook and I do this to keep the market in perspective. Its a marathon' not a sprint', and long term I believe the market moves higher. If you do not then IBM' is on sale, and something is happening with Kohls'
I hope everyone had a wonderful Memorial Day Weekend and if you are a Veteran I want to say thank you for your service!
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