In the early hours of this morning when the price of bitcoin was at US$6188, I tried to make a purchase of the crypto. For some reason, I just couldn’t complete the transaction. I was frustrated and angry and wrote to support who did their best to help. Anyway, I went to bed frustrated. So, you can imagine my joy when waking up to see that bitcoin had fallen to US$5839! The omens were in my favour. The lesson here is patience. We’ve heard this all the time when it comes to trading or buying anything for that matter.
Crypto investors are going to need an infinite amount of patience. Yesterday, the Bulls fought back to lift the price but that seemed like a battle in futility. The price has been on a slow downward spiral, rising a little here and then falling again. Pundits are putting a positive spin on a rather dismal market. Their rhetoric will not make a blind bit of difference. Patience to wait out this market is going to be hard as investors and speculators alike feel they should be doing something. Some will but most won’t. Now that the US$6000 barrier has been broken, what next? Any guess as to the next level of resistance? With a good guess and or analysis, would it even matter? I conclude, as usual with your guess is as good as mine.
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