Bitcoin ALGO sell update, OUT OUT OUT!
We have completely exited all of our bitcoin holdings and even some of the ALT follower coins, such as ETH, Litecoin and a few others that joined BTC in this last major up move from 4679 to 5800! We will look for a price decline back under 4700 now before attempting to buy again. Often on the FIAT side if a currency moves much beyond a resistance point like the 5,000-4679 area as Bitcoin has done, it will retreat with just as much and often more ferocity once the momentum peaks, kind of like a bullet shot up in their air hitting terminal velocity before it curves back down. Per our own rules we will wait till around the 1st week or so in Dec or so, as this is the likely statistical pulse move that my ALGOs compute for buyers to start again. As long as we are in this red block on a time basis that you can see in the above chart, selling should be the strong actuator in price behavior moving forward. Though again my ALGOs are being recalculated in time in this very new dynamic field of crypto currencies, as these new babies of price which do not have large institutional participation and histories on which to compute solid data models on, could make prediction a rough ride! In the mean time we will plug in the data and see how it turns out doing our best to profit with the ALGOs computations as they stand. Remember bitcoin even if the originator in this market is still fairly young and emotional wide price swings with a high degree of seemingly random action might be the norm for some time to come. We will work on trying to find the best and most profitable data in order to grow our capital in this new and exciting field. Hope and prayer are generally the mark of newbie traders, but in this case we might need it! LoL 🙂
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