Bitcoin: $7,667.60
Market Cap: $298,653,039,011
A truly amazing spell this morning when BTC surged $1k in half an hour with no warning whatsoever (apart from the one or two on Twitter who claimed to predict it). There are a couple of theories behind the jump including Russian oligarchs buying it up, but nothing obvious has come to light yet. This boost, coupled with a couple of alt pumps, grew my portfolio by about £9k, which is the kind of thing that used to happen during a bull run but that I haven’t seen in months! It will naturally dip back down, but I’m comforted by the fact that my BTC is in the hands of experienced traders, so they will make the most of any volatility. As a result of this I have done fuck all work today, so I was lucky my boss came in late and has had meetings all day. How can you concentrate on writing website content when Bitcoin is going fucking mental?
Although it tipped $8k it doesn’t necessarily mean we’re out of the downward trend, but if it can first get above the $8k-$8.3k and maintain that price then that we would have officially broken the downward line. $12k is the real resistance line however – if we can beat that then an upward cycle can be confirmed. Anything else is a bull trap. The volume is good however, and with these kind of gains it might encourage those who have been on the sidelines to come in.
Having missed the chance to sell I’m still holding tight to my WAN and WAVES positions which rebounded fairly nicely after naturally dipping when BTC shot up. By the time of the WAN catalyst in a week or so I should make a nice little profit, providing I don’t sell too late as I normally do. In days gone by I might have panic sold, but I’m more experienced now and I know there will be a small dip before a swift bounce back which I will probably miss, leaving me buying back at the same price or more expensive no point selling in the first place. The dust needs to settle on today’s action before a longer term view can be taken. Next 24-48 hours are crucial, and there really is no telling in which direction it will go. Still, it’s bloody exciting, and this is why we’re in it after all!
