BTC REACHING CRITICAL DECISION POINT WITHIN A WEEK
The current BTC "mini run" is the talk of the cryptocurrency market, and it's causing quite a frenzy. People are calling this an outright bull market and beginning of the next big run. Or is it?
I'm not one to ever believe the masses. When 90% of all prognosticators are yelling "run", human behavior and the odds will usually guarantee the opposite happening, especially when a shift from bear market to bull market hasn't been clearly determined.
It's been a couple of weeks since the big dip and the huge pump, and BTC continues an overall steady climb. I don't have a lot of confidence that this is sustainable. I would feel a lot more comfortable if a solid consolidation took place first, rather than the obvious artificial pump that occurred 2 weeks ago.
The huge spike move wreaks of "pump and dump" to me, a move by insiders or whales to lure people into a frenzy that could leave them with significant losses once the buying pressure and volume goes down.
I could be completely wrong, but this is not a time that I will be buying BTC. As the saying goes, "what goes up must come down", and I believe this applies to artificial pumps. I'm going to sit and wait it out, even if it means I miss the absolute bottom.
Investing into crypto is super risky business, so it is best to play it safe and assume the worst. I'm waiting for the possibility of BTC correcting to $4200 before I buy. I also am fully aware that $3800 and even $2500 are possibilities for a bottom point before the next bull run hits.
While I don't call the current conditions a clear "bull market", I do believe that we are in the transition period, or we are close to it. So I am positioning myself for a possible repeat of November 2017 this winter.
Until then, remember that it's best not to play this market at all, and if you do, only invest what you're willing to lose. And don't take anyone's advice. Do your own due diligence!