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Strategies & Market Trends : Blockchain and Cryptocurrencies
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To: Frank Pembleton who wrote (1021)10/10/2018 2:22:17 PM
From: Frank Pembleton  Read Replies (1) of 7679
 
Cryptos went from FOMO the sector just a couple of days ago, to Bitcoin is on the verge of collapse today, extreme psychology or what?

Using Duckduckgo I ran searches on equities levered to blockchain, levered to 5G and what I found was astounding; these stocks have ran like thoroughbred race horses, money has flowed in from every angle on these things. Because of that I can't see a collapse in Bitcoin at least not so much more than what it is today. That's my bet.

My new rule of thumb (speaking to myself now) Bitcoin = Storage of Value (SOV), Altcoins = Method of exchange (MOE)

HODL SOV in downtrends, Swingtrade MOE in bull markets.

How do I intend on playing the break out? First and foremost you need to know what a break out is. Through the years I have found from experience that a break out is generally around a 7 to 10% jump in price on heavy volume, with follow-through again the next day on even heavier volume, followed by a pullback on the third day only to break out again on the fourth. I'm speaking of BTC (as my only holding) once it's rolling, my next buy would be BCH, then LTC and I'll buy back my position in XRP on the first technical buying op offered to me. All the others come afterwards.

If a true break out hasn't happened don't let the YT "specialist" fomo you into something that'll cost you money in the short term...but in the long term you'll eventually be okay, but don't forget that Bitcoin can suck the oxygen out of the trading room pretty fast to be the only big roller at the beginning of any bull run ... it's the leader.

...and on the markets; do the charts resemble 1929?

It just a long overdue pullback. A pullback that will kiss the 200 day MA. I still think there's more upside simply because Trump has been hinting at a second term and 5G not completely implemented...it's after the second term things are "renewed."

just my humble opinion.
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