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Bitcoin - Another Boring Update - No Hype - No Hustle - Patience

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Nothing goes as planned, in lieu of some nice fishing for grouper, ended up playing some golf for the day due to weather. There was a back up plan, and investing is no different. Do not get caught up in the hype, if you are, then you do not have a plan or a strategy. Your trading off someone else's hype.

#1 you'll be stressed which is not how you should live your life. It's going up, it's going down, hit this level, that level, bulls need to hold it up, bears are looking strong, wait the MACD is diverging from the RSI which is in a reverse pullback to the triangle BLAH BLAH BLAH!! TURN IT OFF! I stopped watching "news" for the same reasons ;)

#2 Not much has happened, though the screams seem to be loud from "analysts" telling you that there is something you may be missing out on. Don't Chase the hype. Let the market come to you. If your chasing the hype you do NOT have a plan or strategy and are part of the FOMO.

The Facts. We are simply consolidating. We have bought a partial 1/3 position at 8464 for a longer term positional trade. We are still looking to add lower, which is now likely the 8k range as we may not go lower than the previous 7925 low, but even if we do we have 2/3 of our allocated funds to buy lower or a breakout. HELLO there is a plan and strategy not "OMG is this the time to buy" or "Should I sell"? Keep calm, if it breaks out before pulling back we will buy there as well. Where is the breakout? There was none. BE PATIENT!

Nothing has changed since the last post. Relax, go to breakfast, take your sweetheart to the movies. I know there are calls for 3k, and you want to watch every moment in case we nose dive to 3k and your not at the computer to hit sell. NOT HAPPENING! Relax. Most likely you'll be selling at the bottom anyways.

There are only 19 million BTC' or so out there. Many alt coins that are POS' can be mined parallel with bitcoin'. Many are working as a side chain to bitcoin'. HELLO!!
If Goldman Sach's, NASDAQ' or a variety of other players want to enter the space they need coins. Unfortunately not many people are selling. Are you? I'm not, I do not know anyone that is using Bitcoin' to buy breakfast at Bob Evans. People HODL bitcoin' period! Everyone I know is looking to add not sell. This creates a lack of supply. So whether whales are manipulating bitcoin' to stack it up doesn't matter. Eventually supply and demand takes over and we will resume the bull run. If you didn't sell already are you selling now? (from an investment standpoint). NO, but do not get greedy either.

Have some patience, implement a strategy and stick to it. Quit watching "fake news". We are where we were Saturday BEFORE I went golfing. Enjoy life, quit stressing out thinking your going to miss something. Even if you do there is always another opportunity. Like Marc said in his article this morning, opportunities are infinite', you money is not. If your following the Hype your part of the herd, and you might as well go buy a lottery ticket and get it over with!

This has been a boring update. Sorry but it is what it is.

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PS if you were one of those that bought the spike this weekend, then you are part of the FOMO regardless of what you tell yourself. I know the truth hurts but learn from it. I know I will get the 30 comments on how you crushed it day trading. OK "uncle".

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UPDATE UPDATE UPDATE!!!! URGENT

OK nothing really exciting happened, ate a burrito last night, watched the Pirates of the Caribbean, up early looking at charts (one specifically in Randgold) planning out a trade strategy, and getting ready to go to breakfast by the beach, watch the final tourists take in the morning, maybe walk on the beach and feed the seagulls. OK please do not feed the seagulls if you come to Florida!!! I was kidding.

By the way Bitcoin pulled back a little. Pretty boring. Maybe I'll add around the 7900 level lets see.

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8136 is the current support line. I do not need to release a new chart its already up there. Breaks that we look to have lunch at skinny's. Great burgers and beer!

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Bitcoin finally settled into the support zone. Literally very little has changed since our chart back on the 12th, though we did refine the zones somewhat. No sense in posting a new article and new chart, it is identical.

Let's see what happens here and whether we add (as intended since the 13th) or look for a signal that we move to the lower support level where we will add there. This is a nice extension of the corrective wave in the down trend and overlaps with several other minor and sub major levels of importance.

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"that overlaps"

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This zone goes back to April 21st, though refined somewhat the 7800 level still remains the major support level in this time frame.

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From my article this morning on position vs swing trading. Since there appears to be some of the herd in our chorale (names omitted to protect the innocent below, right where the chart is) I'll post it here as well.

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Chart from the write up this morning.

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This was our post on the 25th of April. Why the pullback may be surprise for some, this is nothing that was not anticipated a month ago. Now we did not know at that time how far it would pullback, but other than updating the chart the broader term perspective is still in play. Preparing and having a plan for a pullback is different then being a deer in the headlights. Anyone can call "we go higher"; "look a flying bat with reverse head and shoulders into a flying wedge, we MAY go higher or we MAY go Lower" . "Look I nailed it we went lower". LOL meanwhile we have hardly changed anything on our chart since the 24th.