Just cached out all my positions, the remaining 3-4% till we hit 10k is not worth the risk for me.
I hold zero crypto at the moment and I'm waiting for the next panic sell to get me some. The market is completely unstable at the moment and the bullish run in the past couple of days is just unrealistic and not backed by any fundamental changes or big news in the market (in my opinion of course).
The 10k target can lead to one of two things, either this is the historical end of cheap Bitcoins and we are moving up exponentially from here (the next psychological barrier is not 20k or 50k, it's 100k). Or, the second option, which I think is the most likely to happen, is that we are heading to a steep correction, at least 50%, this is just how markets works. We enjoyed -well, at least I did- this 2017 ride, but it needs to end so that we can move forward stronger, with something that has some backbone to it and not just being pushed by hype or whatever factors that helped the price skyrocket as we saw.
$8,200 is a clear support, the last confirmed one at least. Followed by $7,900, if it doesn't hold? we would be heading to $7,200, then $6,500, and finally $5,900. I don't think that it would correct more than this.
@krivis, Yep, I've been following the news, I cached out to physical dollars forget about the chart. This is one of the main reasons why the market is currently unstable, when even the one coin that you could utilize to stabilize your portfolio could end up hurting you, badly.
insertbatteries
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@krivis, Caching out to physical dollars is not the most practical option although it's the safest, what would you recommend as an alternative to USDT during the current stage of the market? Ethereum?
krivis
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@sonaye, im 70% Fiat, 30% holding BTC and waiting the dust to settle. If and when the USDT goes down i think will pull every crypto down with it, this bull run is just not normal. BTC needs correction and imo BTC drives other cryptos. Better safe than sorry.
getbits
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@sonaye, ETH is a bigger bubble. BTC has not had near the growth ETH has had this year. BTC has yet to go exponential. We may very well get a correction but it looks like BTC will be pushing way higher next year unless some major issues come up which is always possible in crypto.