You just have to be ready to see the trend change.. I was hedged more for the downside but other factors than China seemed to fortify the $500 level and then those ascending continuous triangles emerged so why fight the momentum?
Everyone kept thinking each one was a bull trap.
Lots of businesses are putting bitcoin into their plans... perhaps we swoon a bit Q1 '14, but that would be a normal correction than a trend downwards
For me, bullish trend is not confirmed until high from previous bounce is taken out, which of course means that I miss out on a fair bit of upside (but also less likely to get buried under a big load of downside). In this case, the previous bounce has been taken out not by another spike, but by a steady trend upwards. We are at a short term 'double top' as I type, but the volume has increased on this recent uptrend so that has got to be even better for short term forecast.
However, with Bitcoin trading (got to be a trader these days as investment time has passed, btc far too volatile and uncertain for 'investment' in the truest sense of the word), we are truly living pip to post. The extremities in the BTC market in the past 5 weeks alone, kind of mimic those that have happened in Gold over the past 15 years. Insane stuff. You have got to be ready to change your tune the moment the direction of the wind changes and be capable of being both a bear and a bull in the same thoughtspace when it comes to Bitcoin.
As someone who has been buying and spending Bitcoins since $5 days, but bought my first proper investment Bitcoins in earnest at around $700, I say fuck all this 'HODLING' nonsense.
People say that all the corporate interest lined up for Bitcoin in Q2014 is ultra bullish. I think that if big hitters are coming to the party, that they would much rather accumulate coins panic sold to them at $100 during a brutal correction, than entering the market Honest John style, ramping up the prices as they accumulate causing big sell-off events, resulting in Joe Sixpack enriching himself at their expense.
It sure did get ugly for you bears.
Not if we changed to the winning team at half time, and by sticking with the team that was looking much more likely to win in the first half, we spared ourselves the same risk that you 'bulls' were exposed to for not very much (in btc terms) upside. Lets face it, tons of you 'bulls' (idiots) got slaughtered in recent weeks. I never, and neither did the other bears.
P.S. I now have a decent amount of skin in the game looking for some upside.....that doesn't mean that I would be shocked by another brutal smash down within a couple of weeks, or even just a few days....easily still on the cards. Now is no time for arrogance or circle jerking from any 'ideological' market group.
