Tommy Lee had an interesting perspective this week in that the continued down trend may be based on many that owe taxes on previous years having to sell bitcoin. Now if this is true or not we do not know, but I am sure there are many who owe taxes that bought a lot less and sold much higher and are now having to give that to Uncle Sam. Regardless Tommy maintains his 20-25k call on bitcoin for the end of the year and the charts say the same (Long term).
So the future may look bright but we are in the present and it is painful. I see many comments why not sell now and buy lower. These are the same people that were calling for 30k at 19000. As an investor does it really matter what the short term price is? If you are in this for 3,5-10 years down the road would it matter if we are at 5k or 15k right now? NO you are not selling regardless. Now pure traders are different, but most of those claiming to be "traders" are merely new to the game and feel they have to be in the market every day. I'll give you some experience here, this WILL eventually be a painful move and you will get caught on the wrong side of a trade and it will be devistating.
What I have found over the years is as long as you do not sell and can ride out the downturns, the market will continue up in the longer term. Warren Buffet said it best "I do not know where the market will be 3-6-12 months from now, but in 20 years it will be up". I may have misquoted this but the statement is clear. We buy when the markets are beaten up, just like the restaurant we bought in late 2013. You know how many people told us were were nuts. OK in fairness they were right, but today the restaurant is worth much more than it was back then, and because of the market conditions in 2013 we bought it cheap. It was not easy, but here we are 4.5 years later and it finally makes money. Believe me there were days and weeks we wanted to cut our losses and run!
My point is you do not buy when the market is hot, you buy when the market is not. If you think life is easy you have a wake up call coming, and you need to stick to your 9-5 job.
Perseverance + Pain = Profits
Technically speaking the 6425 level is a critical level to hold and we are at a level were we may get a reversal. Yes we were looking for a reversal above 6820 but this never evolved so we just continue to exercise patience. If 6245 does not hold then the next level we will look for a reversal is the 5800-6100 level. Now there are lower levels like the 4400 area which are significant from a broad perspective but this is like looking 2 miles down the road on the interstate and ignoring the traffic your in.
Even though this is painful in many eyes in my opinion it does not matter if we are at 6000 or 16000. I'm long term and would not be selling my core holdings either way. I believe in the technology and that we move higher in the future. My eye is on the prize and though there are many that believe cryptos is dead, I could not disagree more.
Bottom line, if you can not handle the pain, get out of the game! Whether you are an investor or entrepreneur profits do not come easy. Profits are for those that can persevere through the pain no matter how dire it looks.
So the future may look bright but we are in the present and it is painful. I see many comments why not sell now and buy lower. These are the same people that were calling for 30k at 19000. As an investor does it really matter what the short term price is? If you are in this for 3,5-10 years down the road would it matter if we are at 5k or 15k right now? NO you are not selling regardless. Now pure traders are different, but most of those claiming to be "traders" are merely new to the game and feel they have to be in the market every day. I'll give you some experience here, this WILL eventually be a painful move and you will get caught on the wrong side of a trade and it will be devistating.
What I have found over the years is as long as you do not sell and can ride out the downturns, the market will continue up in the longer term. Warren Buffet said it best "I do not know where the market will be 3-6-12 months from now, but in 20 years it will be up". I may have misquoted this but the statement is clear. We buy when the markets are beaten up, just like the restaurant we bought in late 2013. You know how many people told us were were nuts. OK in fairness they were right, but today the restaurant is worth much more than it was back then, and because of the market conditions in 2013 we bought it cheap. It was not easy, but here we are 4.5 years later and it finally makes money. Believe me there were days and weeks we wanted to cut our losses and run!
My point is you do not buy when the market is hot, you buy when the market is not. If you think life is easy you have a wake up call coming, and you need to stick to your 9-5 job.
Perseverance + Pain = Profits
Technically speaking the 6425 level is a critical level to hold and we are at a level were we may get a reversal. Yes we were looking for a reversal above 6820 but this never evolved so we just continue to exercise patience. If 6245 does not hold then the next level we will look for a reversal is the 5800-6100 level. Now there are lower levels like the 4400 area which are significant from a broad perspective but this is like looking 2 miles down the road on the interstate and ignoring the traffic your in.
Even though this is painful in many eyes in my opinion it does not matter if we are at 6000 or 16000. I'm long term and would not be selling my core holdings either way. I believe in the technology and that we move higher in the future. My eye is on the prize and though there are many that believe cryptos is dead, I could not disagree more.
Bottom line, if you can not handle the pain, get out of the game! Whether you are an investor or entrepreneur profits do not come easy. Profits are for those that can persevere through the pain no matter how dire it looks.
