To try to be safe everywhere is to be strong nowhere.
— Winston S. Churchill (1874-1965)
Dips are illegal
And what I mean by that is that they should be illegal in your mind whenever you think of bitcoin. Think of it as adopting a type of mental model/framework that will save you a lot of money.
ESPECIALLY DURING THE EARLY STAGES OF A BULL MARKET.
I think trying to catch dips now is like trying to catch those dips in 2017 when bitcoin was ranging from 1.2k-3k.
Think of the bigger picture, and you’ll probably be happier in 24-36 months.
I bring you headlines
Facebook approaches Bank of Thailand to discuss Libra.
India is skeptical about Facebook's Libra plans.
And China says Facebook’s Libra must be under central bank oversight.
All while China is setting up plans for its own central cryptocurrency. *Yawn
IRS discusses investigating taxpayers who hold crypto
CryptoTaxGirl shared a presentation given to special agents in the IRS Criminal Investigation division that discussed investigating taxpayers who hold crypto.
Below are the summary tweets. (Full slides here)
Market Sentiment
Bitcoin
It looks like we broke out of a triangle and there is going to be some resistance around that macro 38.2% fib line.
But don’t stare at it too long, because you’ll blink, and bitcoin will be at 16k and targeting all-time-highs.
Bitcoin is as bullish as it can look. Even if we dip back down to 9k, bitcoin would still be super bullish.
(Weekly view below)
Most other technicals that I use (moving averages, TD, random oscillators, etc..) aren’t interesting right now and there so I don’t see value in adding them.
Also, because they might distract you from bitcoin.
Bitcoin (Macro Overview)
We’re about ~314 days away from the next halving event. Less then a year away.
The end
That’s all for now.
See you later space Cowboy
-Dmitriy