Bitcoin looks to continue its push higher
Anyone who hasn't see Pantera Capital's stock to flow chart for bitcoin, i would really encourage you to have a look at it.
They suggest a bitcoin price of around $115 000 in early August. That's their view or idea based on a stock to flow metric.
So lets consider that in a graph. First off i wouldn't be surprised if Bitcoin were to go slightly lower in the very short-term within the orange channel but i would assume that we are close to the bottom of the latest retracement. This view is supported by the trading signals.
The green line shows the end of the stock to flow projection whilst the white line shows the projected price of around $115 000. How we get to that point is anyone's guess but I'm interested to see how the future plays out on this chart.
For full transparency, the fraction of a bitcoin that i own, i don't trade because its too volatile and if the price is going up over a long period of time, then i don't want to take the risk of trading in and out. The question that I'm asking myself is what do i do in late July? Take profit or exit my position and reinvest if and when it falls or continue to take that long-term view?
That's the biggest question.
Please like and follow for daily posts on various asset classes. Please also share your views on the trading ideas and whether or not you find them to be of any value to you as a trader.
Please note that cryptocurrencies are speculative assets which carry a very high degree of risk and any speculation in such assets can result in a complete loss of capital. This idea is shared for educational purposes only and should not result in speculative decisions in any digital asset.
They suggest a bitcoin price of around $115 000 in early August. That's their view or idea based on a stock to flow metric.
So lets consider that in a graph. First off i wouldn't be surprised if Bitcoin were to go slightly lower in the very short-term within the orange channel but i would assume that we are close to the bottom of the latest retracement. This view is supported by the trading signals.
The green line shows the end of the stock to flow projection whilst the white line shows the projected price of around $115 000. How we get to that point is anyone's guess but I'm interested to see how the future plays out on this chart.
For full transparency, the fraction of a bitcoin that i own, i don't trade because its too volatile and if the price is going up over a long period of time, then i don't want to take the risk of trading in and out. The question that I'm asking myself is what do i do in late July? Take profit or exit my position and reinvest if and when it falls or continue to take that long-term view?
That's the biggest question.
Please like and follow for daily posts on various asset classes. Please also share your views on the trading ideas and whether or not you find them to be of any value to you as a trader.
Please note that cryptocurrencies are speculative assets which carry a very high degree of risk and any speculation in such assets can result in a complete loss of capital. This idea is shared for educational purposes only and should not result in speculative decisions in any digital asset.
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