Bitcoin market update July 24 2017
Bitcoin market update, testing your patience as a trader/investor.
An old proverb in trading has been about having the patience to wait it out in a winning trade. Jesse Livermore says it best: “it never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!”
Bitcoin is finally getting its well deserved upgrade. While many may disagree from political/ideological point of view, we can all agree that bitcoin will scale. There will be forks, FUD and news that drives market price in the coming months, I do not doubt that. Bitcoin will acquire high transaction count, users, along with many amazing features.
From a trading perspective, bitcoin is close to all time high and that itself is bullish. If we consolidate above 2750 for a few days to a week, it is very bullish. A breakout above 3K USD on volume is a buy followed by rapid rise in price, adding to a winning long position make sense on the breakout.
What does that mean for the rest of the crypto markets? They will rise in USD value, but underperform against BTC. People will be cashing out to the de-facto currency. Ethereum and various alt coin holders that believed various things such as stablecoin/flippening/replacingbitcoin will flock back; not saying it won't happen, but less of a need. Technology changes fast, here comes Bitcoin’s second wind.