Bitcoin stops just short of 5000 and I'm out

in #bitcoin7 years ago (edited)

Update - BTCUSD down to 4650 on profit taking:

... Hey guys, just a heads up - I have now exited my longs - I got out over night at about 4820. Wasn't the best exit as BTCUSD traded right up to 4970, but this was a CFD position and I didn't want to risk holding over the weekend. Pair is now back down to 4860 and I think it's pretty likely we see some sort correction - this has been one helluva rally!

Though my technical preference is for a correction back to 4500, and maybe even 4000, there is chance this just keeps ripping higher. I've done really well up from 3150 and happy to risk missing out for the moment to bank some solid profits. If I miss the boat entirely, I can play lower time-frame dips.

Thanks guys and congrats to everyone that rode it up with me - been one helluva a ride! XD

PS Remember the BUILDTEAM pot announcement and bidding kicks off at 00:00 UTC tomorrow ... get your hands on some tokens before the madness starts. Pot is over 3500 STEEM!


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A prognostication here, get back in as soon as you notice a dip, I have a feeling bc is about to launch ^

Bitcoin go to the moon.

Do you ever think there will be a time that selling BTC and taking profits that you will not be able to buy back in? I wonder if there will be a time that huge institutional money will scoop up the sell orders and hold long term shrinking available supply

Yeah it's always a risk and a worry that's very hard to shake - I was using close to 10:1 leverage on this play though so have to keep the greed in check. So many people were talking about 5K and we've already had a reaction there, I think we'll at least pause here and I'm happy to play a breakout if that happens :)

Sounds smart. I am a buy and hold guy. I often wonder how hard it would be for day traders. This market is crazy and 24 hours 7 days a week. How do they get any sleep? LOL. I am the slow turtle, buy and hold my crypto's. I got in at the right time. I invested $38,000.00 in January/February and my portfolio is now around $380,000.00. Not bad for me since I am so conservative.

Wow, very nice, good for you. One of my business partners did really well with it and cashed out his original investment on a USD basis a long time ago. Now he says he's playing with house money.

I'm guessing he regrets it though (he cashed out his cost basis back when BTC was below $2k.)

Epic - nice work mate! I should probably be getting my advice from you :P

I write everyday to help people. We have to stick together. It is us against less than 300 of the wealthiest families in the world who hold 92% of the world's wealth. How do I fight? I help educate and encourage people to not support the corrupt governments, commercial corporations and many fakse fake religions (not all but most). If enough of us wake up ( just 7% to 10%) we can topple this corrupt system we live in

Yeah I noticed that it was almost at 5,000. It' crazy stuff.

Good move I think. I got out too in the high $4800s and it's already bounced a bit off $4979.

Still reckon $5000 is going to be hard to crack and may take a while. A pullback is due.

Yep, hopefully we're on the pulse on this one. I like 4400 - 4500 for a shallow correction.

Agreed. I don't think we've seen any kind of blow off top and nothing like the mania we saw in June, so just an short term top hopefully. We just need a pause for a few weeks maybe and then a fresh push to get through $5000.

Already down to 4650, my biggest fear now is this correction is done before my broker opens up shop again on Monday morning lol

So you're using leverage through a broker that does business hours? That sounds really dangerous.

I doubt it will bounce all the way back up to break $5000 this weekend. Some consolidation is going to be needed after this I think.

Yeah pretty much, though you'd also avoid a margin call if it happened outside of FX hours and then recovered. Either way, looks like getting out prior to the weekend was a solid decision :)

Wow, thats a great exit! I exited the previous day in anticipation. A bit too early, but better early than late :)

Here's my analysis on potential next steps for bitcoin: https://steemit.com/bitcoin/@stocks29/bitcoin-bearish-case-elliott-wave-update-price-is-progressing-as-expected

Thanks mate - I should of really had another coffee and pushed it right until end of forex hours, but it was 2-3 am here :)

Nice post, i has translate your post to Indonesia language, i has, upvote, invite and resteem your post, I'll be back, thanks

Best regards
@mukhtar.juned

just need this to happen to iota.

Thanks for the heads up on your trades.

I think a lot of people (long-term holders specifically) are hoping for a correction here soon. It would be nice to add to my position.

But BTC has been in a weird place for several months now, so who the hell knows what's next?

Very nice @bulleth ....blessings