Bitcoin update #3

Parabola has broken on a daily scale. I’ll act as planned. Looking at Google trends and the MVRV Z-Score does not show that the long term top is in. However price action is weak in my opinion short term and my stops have been triggered. I’ll honor them. I’ve sold 25% of my Bitcoin positions yesterday and sold another 25% today. Long term my targets are the same. It’s still early in 2021 but I fear there will be a longer correction (months). If price prove me wrong I’ll buy back some.

I’m considering selling another 25% on a bounce or further breakdown. If price breaks out above previous ATH (~42k) with volume I will consider rebuying my positions as well as if the price shows signs of strength (inverse H&S? with this drop being the head). If price goes down sub 27k I’ll start dollar cost averaging down to around 20k. Perhaps a bit every other week? I’ll try to be patient and give it time before buying again. I’m thankful Bitcoin has been giving me great profit and I will try to hold some long term as per my previous plans.

I do hope this will give Ethereum and other altcoins some space to catch up.

Best of luck!


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