Posted:
#1
full disclosure: i tossed 5K at it earlier in the year as a spec and it was sitting there forming its base. i find the opportunity to be extremely compelling and in fact possibly one of the best i've ever seen.
Now I am willing to try and build a more substantial position. it's easy to say why would i buy more now when i "should have" just bought more below $200??? i don't look at it that way. i was waiting for more confirmation and legitimacy and i am seeing that.
- more trading volume in the instrument itself and more transaction volume
- the currency formed a multi-month cup with handle base formation (not a perfect one but a CWH nonetheless) and really, really rocketed out of it in early November. price/volume exploded which is really what is the main factor which has me on high alert
- this price/volume action is absolutely tiny in the grand scheme of things but reflective of investor acceptance of Bitcoin and attitude towards it
- after breaking out of this base it has obviously been very volatile but has held above the breakout point and attracted more trading volume thus telling me it is being evaluated and considered by more money
So, the question is when do I move in with more. Ideally I would wait for it to rest on its 50 day SMA but I'm not sure it will. Earlier in the year after it exploded higher it did come down and test that 50 day SMA. it has recently dipped below its 10 day SMA very briefly but hasn't even gone back and touched its 20 day SMA.
everything, and i mean everything, eventually reverts to the key averages and other indicators but this is certainly a unique case. let's keep a close eye on it and see if it pauses/corrects in some way, shape, or form and sets up a reasonable opportunity to add a lot more.
i can debate the merits of this on a fundamental basis and that's fine. i'm looking at it as something that even if it takes a very small sliver of global currency transaction volume it could be worth many, many multiples of what it is at now.
Hot Forum Topics
