This May Seem Like an Odd Post for Those of You That are New.
The world of Crypto Currency and Bitcoin has been on a tear since this time last year. The space has accelerated to the point of euphoria in my opinion. I have to say that I am actually feeling a little unsettled at the moment. So with little hesitation I have decided to sell 50% of my Crypto Currencies and put them into USD.
For those that would call me a fool, please remember I have been around since 2014. The world of crypto currency has changed our life and I look forward to big things ahead. At this moment I just feel we are nearing the top. When I start seeing Facebook posts like the one below I get PTSD flashbacks of the real estate crash of 2007-2008 when everyone was buying real estate with zero money down and selling it a month later for 30% profits.
Is it Different This Time?
Sure, this could be the result of a shift in the world and a global awakening. I love that thought but history tells us that every market repeats itself. If you did not watch this video about Elliot Waves, please take the time and watch it.
We could very well be heading to $5000 or more for Bitcoin before this market cools down but for my household we are going to take profits off the table before the mad dash to the exit.
I am not telling you to do the same. I am just letting my peers know that I think we are getting a little over heated. Don't be the last person hodling the bag and then blaming Crypto Currency for your losses.
Bitcoin and Crypto Currency are resilient and the cycle will continue. Just remember that every market goes through cycles and the mania phase is kicking in for the 3rd or 4th time.
Why Not Sell Everything?
I am 100% playing with house money now. All of my original investments were taken out of the market over a year ago. If this continues to go up it is mana from heaven. If not, so be it. I will be on the other side of the peak waiting to buy Bitcoin and quality Crypto Currencies when they go on sale just like the folks who were in cash bought homes for pennies on the dollar when the real estate market crashed.
If I am wrong I win. If I am right I win. This is a great position to be in. Happy trading!