GreatPonzi.com
Bitcoin Heading Lower

2018-02-01


See my earlier post on joining the Bitcoin party to understand my intentions and approach.

I described earlier that Bitcoin could stabilize either at the 50- or 200-day moving average. Unlike the 2016 and 2017 price patterns where Bitcoin found support at this level, this time it sliced through the 50 day without showing signs of stabilizing.

For this reason I believe it's headed down towards its 200 day moving average. Roughly speaking, that target zone is $6,000 to $8,000 depending on how long it takes to decline.

In my last post, I explained that I will not take any further action until at least March. For me this is a matter of when to buy more. I am not dumping coins, as my plan is to accumulate some (at good prices) and hold them for a few years.

My average cost so far is $13,110 per coin. I own a small fraction of a coin.