Is this the moment us Bitcoin enthusiasts have been waiting the past 3 years for?
It was December of 2013 when Bitcoin began a necessary price decline, after an epic run from $130 to $1100+ USD, through the previous months of October ~ November. I had just invested in my first .something of a Bitcoin, through a local startup;
It was cool to run into an old neighbour I hadn't seen in years, working in their office. I used to chat with him (mostly at the local tavern over a few cold ones) knowing he was into tech of some sort, not yet realizing the implications involved with the most revolutionary oporitunity for humanity, known as Bitcoin. . .
I got my feet wet in the crypto markets during the 2 year downtrend and was actually able to better my BTC mean through trading other alt-coins. This period served as my learning curve in trading.
I still work a day job but the crypto space in general has most definitely enriched my life in numerous ways.
My best move was accumulating more BTC throughout 2015 at around $230USD, when many people were saying Bitcoin was finished. Although I've had to cash out 75% of my holdings since, it has helped me provide a better living environment for my growing family and still hold a small piece of the dream.
Right now I'm looking at the charts and feeling confident that BTC will make a strong move up over $1000USD in the near future. We've poked through significant long term resistance on Huobi Exchange. If we see possible short term downside, I will treat it as a dip to buy at this point. As long as margin is not over extended, I will see this as a good risk to reward in going long.
Looking at the daily we are seeing prior short term resistance broken. Looking for new support around 5300 Yuan.
Here's that same resistance (zoomed out to the weekly) after the huge selloff early 2014.
It's going to take something extraordinary to de-rail this monster called Bitcoin at this point. Anything can happen but with the more steady growth and user adoption we've experienced lately, I'm feeling Bitcoin is still undervalued.
Much Success,
