Bitcoin has skyrocketed in the past few days, nearing $10,000 at the time of writing this (around $9,900). Some of you know I scaled back in Bitcoin slightly at $8,300, but have chosen not to sell anymore. Instead, I have set a stop order with the trigger being around $8700. I plan on moving this stop up to roughly $9000 and perhaps higher depending on how volatile Bitcoin is over the next few days (if it begins consolidating, will use a tighter stop).
Furthermore, I might scale my position back further or have a much tighter stop in the event that Bitcoin passes $10,000. With futures supposedly coming in two weeks, it is difficult to know how high Bitcoin can go, but gains like these in such a short period of time tend to be over-extensions. This might be a “buy the hype, sell the news” type event. Or perhaps a significant amount of institutional money comes in and shorts Bitcoin via these futures given the run-up recently. This is the time for more caution, not less.
Some updates for the channel – I will be producing more content starting sometime in December. I plan on producing a video close to a daily basis for 6 months as the YouTube algorithm loves higher upload frequency. Furthermore, I plan on writing a ton more articles so check out the links to the platforms I am on towards the bottom of this description.
I’m excited to hit the grindstone and see what we can build going into 2018. I appreciate your patience in the meanwhile. I’d love to hear your thoughts as usual (even those of you who troll me) and thank you for watching.
If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
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.
Legal Stuff: I am a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by linking to Amazon.com and affiliated sites.
None of what I provide in my videos is investment advice. Please do your own due diligence.
Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles