Bitcoin has recovered back over $10,000 to around $11,000 at the time of writing this. Should you buy Bitcoin at these levels? While Bitcoin continues to surprise, I’d hold off from buying it while it is currently consolidating. Instead, I’m considering a buy stop somewhere between $11,500 – $11,800. Buy stops won’t execute until the price reaches the level specified and work in the exact same way (except opposite) as sell stops.
In the event this fills, I will likely set a sell stop undercutting $11,000 (likely around $10,700 – $10,800) and move that sell stop up to breakeven if Bitcoin goes above $12,000. I suspect that Bitcoin will correct at some point over next 2 weeks, but would like to be prepared in event that it breaks out to upside given that it continues to defy logic. I would like to buy Bitcoin at levels around $8k or lower ideally.
I’m still bullish on Ethereum, namely since it has lost all its prior gains relative to Bitcoin. The whole market is inflated due to Bitcoin right now, which I forgot to mention in the video. That means it’s not a bad time to increase your allocation in cash for any correction opportunity. Otherwise, select projects you are bullish on in the medium-term.
I would love to hear your thoughts on the markets currently as always. It’s a tough market to get a grip on given Bitcoin’s resilience, but I will be patient before pulling the trigger on any buy orders (P.S: I was stopped out at $10,150 on my previous Bitcoin position). Thank you for watching.
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My Recommended Hardware Wallets:
If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):
I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
My Favorite Book for Investing in Crypto:
This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.
It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
My Recommended Exchanges: Coinbase / GDAX / Bittrex
If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.
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