To Trust Or Not To Trust
There are two events dominating the social media platforms today. One of which is that certain web2 platforms are/were down which caused mass hysteria. I couldn't care less as I'm not affected in any way and neither are those who are using blockchain and are into crypto, but quite many used the occasion to point out what it means to be slave of these giants and what's the difference between web2 and web3.
The second is that
Bitcoin price breaks $50k, surpassing Facebook’s market value source
shortly before I started writing my post. Unlike the previous news, this one is quite big and important. We've been waiting for this to happen and now that it did, I couldn't be more happier as this is an important level. After BTC, alts are going to run as well, which is awesome, but there's still something that concerns me.
$BTC target range has now been entered above $50k....look for upside to around $52,500 which would complete the retrace to the "scene of the crime". Then I will start looking for downside. Gareth Soloway on Twitter on 23 Aug 2021
After a rally there will obviously be a correction, there's a lot of selling pressure at $53k, but there's a difference between a healthy correction and a crash.
Gareth has been speaking about what he thinks it's going to happen ever since the May crash happened. In this video he explains why he thinks BTC is going to visit the $18k - $20k area and this is not a question of believing him or not.
He's trading based on charts exclusively and there's a pattern already to support what he's saying. It happened in 2013 and then again in 2017. One time can be named random, two times is already something to pay attention to and if it happens the third time, I guess it can be called a pattern.
We're lurking around 50K now, it will take a day or two (it's just an estimation) then next resistance is around $52k - $55k.
I've been preparing my bags for the last leg up and although one can never have enough (I'm not speaking about billionaires, but small users), I think I'm as ready as I could possibly be. This means my portfolio is ready, my plan is ready for the last stage of the bull run, but I don't think I am ready to see $20k again. Even if it won't happen in one go, a drop to $20k from here would be 60%, which is huge.
If I were to mark our current journey on the 2017's chart above, I'd say we're rushing towards the $17k peak right now. It looks like the only way to avoid the crash to $20k is by passing the ATH and reaching a new ATH.
There's a high chance many will say this is crazy. That's what happened when Gareth predicted the May crash a few days before it happened. No one believed him, but the crash happened anyway.
For me it is not a question of surviving or not if it happens. I am not dependent on my current investment, I can hold it for longer period of time, which means even if the crash happens, I'll be ok. It is more a question of being prepared to buy the dip if it happens, which means I need to secure some funds to be able to buy around $20k.
So what's your strategy? Do you think we can go to $20k before we can reach $100k? Are you prepared to buy the dip if it happens?
While most know the quote "If you can dodge a wrench, you can dodge a ball"...I would like to change it to "If you can read a chart, you can profit for life"...Learn it folks, it changes EVERYTHING. source
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It is always good to be ready for the market change, however, and this is only my opinion, I am not a fan of patterns unless we talk about the traditional ones (H&S, CUP&HANDLE, etc...)
I have 1/3 of my wallet on stable coins, I guess if a reversal arrives I can buy the dip, slowly doing DCA.
I've been thinking of this and can't neglect it. I hope the market can prove otherwise and break the pattern, but till it does, I need to take it into consideration.
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You like to play it safe. Currently I have most of my cryptocurrencies in Splinterlands cards (currently $550.90 USD), which are also relatively safe, seeing the huge success of the game.
I agree with you. I wish Bitcoin to rise infinitely and with it the altcoins. But I am always ready to buy the deep. Thanks for your post
Well, it's not going to rise infinitely as there are always corrections, the question is how much.
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So if that happens it would be good to have some USDT ready to buy some, i know isn't a financial advise, but good analysis. We have to take in mind that scenario to not despair.
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I agree, we can't miss an occasion like that. If we touch $20k, it will be for the last time.
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