Hi everyone, I have seen several messages where people expressed their interest in my view on the current BTC situation. Here are my thoughts and my personal plan.
To start off, as most of you know, I liquidated almost all my crypto positions a couple weeks ago. I liquidated to fiat, not USDT as I have never really trusted it.
Today, when LTC was a little over $100, I bought a decent amount of LTC to enter the crypto market. I only put roughly 20% of my previous crypto holdings into it as I am faithful that BTC and other coins, will drop before they start seeing big growth.
I believe that Bitcoin still has a couple thousand to drop before rising, and I believe LTC could drop sub $100. ETH will probably near $850 before it begins to rise again.
With all of that said, there is way too many psychiological factors playing roles in the crypto market right now that there is no TA that can be done with great certainty. Any Short term TA/Signals given is very very risky.
Actions + Entry Point for BTC:
As mentioned above, I believe BTC still has some ways to go in the downward direction. I cannot provide a 100% accurate bottom and will not pretend to just to satisfy your desire for one, but I believe a good re-entry point to keep your eye on would be between $7,000 and $7,500. It may drop lower than that, but at the end of the day, the entire market will be back up in a month so there is really nothing to worry about.
I'm going to be watching the Senate hearing on crypto currencies on Feb 6th. Those of you who care to follow my research process in real time, feel free to watch along! Expect some extremely price volatility this Tuesday. I personally anticipate the media causing another FUDstorm, we'll see though. https://www.senate.gov/committees/committee_hearings.htm