Wealth Articles

FALSE BREAKOUT: Extreme Caution – BTC Confusing EVERYONE!

Dec 5, 2018 | Wealth Articles

Bitcoin touching the $3,500 level was a shock for investors after it had flattened for several months on the $6,000 to $7,000 range. Finding a bottom is not as easy as most people believe it is. In fact, I avoid it altogether. Instead, I wait for an upside.
 
When everybody thinks they see the future, the markets do what they do best: prove them all wrong.
 
The cryptocurrency market is especially prone to head-fakes, in what looks like a breakout ends up turning right back around and heading south.
 
The first half of 2018 saw the price of Bitcoin curve upwards, only to head right back down; this happened and then happened again, thereby forming a series of lower highs and lower lows:

Courtesy: barchart.com
 
It is a cruel punishment for market timers, but it’s just part and parcel of the crypto markets, where short-term movements are often driven by sentiment, particularly fear and greed, overriding fundamentals.
 
What this means for us is that any apparent breakout in Bitcoin could actually be a fake-out, so we have to be extra careful and really do our due diligence.
 
November was the month when the Bitcoin market punished the complacent and stair-stepped down from its tight channel to its new range in the $3,500-to-$4,500 area. This was the market’s way of asserting its dominance over its participants, letting investors know that HODLing isn’t always easy and that the next fake-out could be just around the corner.

Courtesy: barchart.com

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Until Bitcoin does bottom out – which I expect to happen at around the $2,200 level, most likely – all moves must be treated as potential shakeouts. Pure Blockchain Wealth, through our industry-wide connections and relationships, monitors this carefully. All trading positions should be kept to a very reasonable size.
 
But that’s just what I see in the short term; on a longer time horizon, there’s great promise for Bitcoin in a world where citizens of emerging markets like India and China are eager to adopt digital assets. The room for growth is enormous in these heavily populated nations, where people need their transactions to be cheap, fast, and internationally accepted.
 
Not only are these markets heavily populated, but they’re also thriving economies where, despite any misconceptions to the contrary, people have money and are ready to use it. India and China, for example, have an educated and affluent citizenry with more wealth than many Americans give them credit for.

 
China and India have more wealth than France, Canada, and Italy – the numbers don’t lie. Wealth isn’t exclusive to Western nations. In fact, nations like India and China are setting the pace for Bitcoin adoption, where cryptocurrency represents a grassroots movement to reduce government meddling in monetary transactions.
 
Both of these countries are also experiencing turmoil with government-imposed capital controls, so the importance of Bitcoin is much more apparent to its citizens, as opposed to North America, for example.
 
Looking back at 2018 can help investors peek into the future, as this year has proven that Bitcoin can handle a seemingly fatal blow and survive to live another day, month, year, and decade.

If anything, 2018 is a testament to Bitcoin’s power, resilience, and longevity; Bitcoin survived, it’s still here, and nothing can stop it now.

Best Regards,

Brad Robbins
President, PureBlockchainWealth.com

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Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/disclaimer

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