BTC completed the symmetrical triangle and it broke it upwards
Anyway, i'm not saying that someone should be taking buying action, because that's just crazy.
BTC still looks very overbought, and the last time it made an ALL TIME HIGH (ATH) and got THAT overbought, the retracement were at least of 50% you can see it in the RSI (Relative Index Strenght)
That wasn't pretty so brace yourselves, put your stops, and enjoy the show.
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The bull is much stronger this time as compared to the last run to the ATH.
With so many expecting free money with the fork, I think you see upwards buying pressure into the fork. After that, you could see a rapid and massive drop.
It might be good to roll profits at least into steem when that happens.
You are right, and certainly I'm not advising to sell, I'm just advicing to protect the profits.
But do you really think that the bull can keep this pace until the fork?
I don't see a reason why the whales wouldn't take profits this week, at the time of the fork prices might be down as well, and there's so much uncertainty about BTC Gold that i don't see it with a price of hundreds, that's just my opinion.
If the price of BTC drops over a thousand and you end up getting just a couple hundreds with the fork, i think you would make a terrible business decision.
To start, I am not a fan of Bitcoin Gold either. I think it is a lot of hype about nothing. Some even called it a scam. Either way, it will not do even as well as bitcoin cash did in my opinion.
That said, exuberance is rarely logical. People get caught up in emotions and free money is exciting people. I disagree with you conclusion of a bad business decision though. If someone gets a couple hundred in BTG and loses a thousand on BTC, that is only a bad business decision if the BTC doesnt go back up. A long term holder certainly can weather a month or two pullback. In fact, it would be a buying opportunity....take the couple hundred from BTG and plop it into BTC.
As for the pace, I gave up a long time ago trying to rationalize the pace of markets. The pace keeps up until it doesnt. Too often I have said a market couldnt go any higher only to watch it explode. I foresee some consolidation for a few days to digest this pace. We are at roughly, what, $5600....I can see $6100 going into the fork...not quite the pace it was the last week but still a far move up.
Just my thoughts on it.
It would've been better to sell at 6000 and buy back the dip than to expect the dip and buy on BTC whatever is the uncertain amount of money BTCGold is going to worth, my point is, don't let go away real money expecting an uncertain amount of free money.
But you made a real point when you said that for the long term holders this shouldn't be a concern, absolutely true, but I'm a day trader, what can i say, i love to ride the ups and downs lol.
Thanks a lot for the feedback my friend, steem on!
Hi @erodriguezc11
I've seen people profiting from venturing into Bitcoin but I knew nothing about it. Except for the Blochchain wallet I had some time ago.
It would interest me to know more about it...maybe a tutorial or something to orientate me.
@bob-elr
Hello @bob-elr i have a series called #SUNDAYCOINDAY where every Sunday i discuss a different cryptocurrency in a very didactic way, you should pass by, there's been great episodes.
Here is the last one
#keepsteemin my friend.
OK that's cool. Will check it out. Thanks
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