$Coinbase Global, Inc.(COIN)$
Take profits while you can.
Take profits on others before they start taking profits off you. It makes 0 sense for these miner stocks to be rallying right now, given Bitcoin's current price. Be more logical and sensible. Stop being FOMO. In the previous run up of CLSK when it was in the $22+ region, I did caution yall that it's just a pump and dump thing. There is 0 backing behind it's illogical rally. Within a day, CLSK went up to a high of $24.7 and dropped back down drastically. Thereafter, it fell to a low of $13+. The only sensible way to trade CLSK is to let go NOW and come back later. There will always be better opportunities to buy in. CLSK is way overpriced at this price and due for a massive correction soon. Same goes for MARA and RIOT. JP Morgan has always been wrong about all their estimates, so take all their stupid upgrades with a pinch of salt. JP Morgan previously increased TSLA's target to $320. But did TSLA even go close to that price? NOPE!
Already mentioned earlier that it just doesn't make sense for miner stocks to rally now, despite all the rubbish coverage. Why? THE AMOUNT OF COINS THEY MINED WILL BE HALVED. NOT DOUBLED.
UNLESS BITCOIN'S PRICE DOUBLE FAST ENOUGH, CURRENT PRICE LEVELS DO NOT MAKE SENSE. AND HAS BITCOIN PRICE DOUBLED? NOPES. NOT ANYTIME SOON. There are just too many unknowns and pricing matrices that will 'eat' into the profitability of these mining companies and unless greater clarity is observed, these stocks are off limits now. Do yall know that network transaction fees to mine spiked after Bitcoin halved? POTENTIALLY EATING AWAY PROFITS? Profitability is not just about exahashes yall.
Read the news on Coinbase? Consensus intrinsic value of Coinbase is much lower, around that of $140 to $160. So buy in when it dips to that price. Coin at $230 to $260 is just illogical. Why do you think Cathy Wood takes profit on COIN at these levels if she is bullish on the crypto space? THAT'S BECAUSE THE INTRINSIC VALUE OF COIN IS MUCH LOWER. RISK TO DOWNSIDE FAR OUTWEIGHS THE UPSIDE AT THIS POINT IN TIME. LEARN TO READ FINANCIALS AND NEWS YALL.
STOP BEING IRRATIONAL.
Usually, the pump up is driven by conglomerates, fund managers and bots. Before you know it, they would have exited their positions and taken profits, leaving yall stuck. These stocks can come crashing down, FAST. All those rubbish you saw on discussion pages about these miner stocks being great to buy now are all nonsense, usually written by a cartel of similar people who trade as a group. THEY PUMP IT UP, AND THEY DUMP IT. AND IF YOU'RE NOT FAST ENOUGH, YOU'RE CAUGHT. TRUST ME. Because I've been added to such groups before. The leader will tell members what price to enter and what price to exit. And they move FAST.
An impending correction is coming for Bitcoin, potentially allowing it to trace back down to USD $56,000. The SnP 500 is due for correction too, potentially going down to $460.
For those who don't read the news, USA GDP data, initial jobless claims and wholesale inventories data would be out Thurs 25 April, PCE data and personal income/spending out on Fri 26 April. FED's next FOMC meeting is on 30th April and 1st May.
Should any data seem more inflationary than ever, Wall Street will be in the bloody reds from tml to early next week.
GOOD LUCK TO THOSE WHO DON'T TAKE ADVICE.
I've been trading the crypto counters since 2020, know full well how their trends and sentiments are. WHEN ITS TIME TO GO, ITS TIME TO GO.
Protect your portfolios people. The FOMO is not worth the risk, trust me. You may think oh, now that there is some retracement, good time to enter the crypto stocks right?
NOPES. First rule of investing - do not catch falling knives. 🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪🔪
@TigerStars @TigerEvents @TigerPicks @MillionaireTiger @Daily_Discussion
Modify on 2024-04-26 01:14
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Market is just irrational, what to do.
Just look at $Tesla Motors(TSLA)$
We all know Elon over promises lol. Few years down the road, the cheaper cars that he promised may not even happen lol. Not forgetting if Elon can make cheaper cars, so can other car companies. Other companies can also make cheaper EV cars.
Pure lame lol.
A week back, I wrote the following and some were skeptical on my bearish call:
"An impending correction is coming for Bitcoin, potentially allowing it to trace back down to USD $56,000."
🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯
💜💜💜💜💜 Turns out I'm right 💜💜💜💜💜
Bitcoin now stands at USD $56, 757.56.
So, where do we go from here?
Will Bitcoin rebound stronger after hitting this support level? Well perhaps.
Perhaps only after we get more clarity from FED. And perhaps if people stop over-reacting.
Market tends to be irrational and overly-sensitive, over-selling when situations aren't that bad, and over-buying when situations are not backed by concrete data.
Now that significant retracement has happened, do your due diligence for those keen on re-entry (recommend to do it in trenches and not go all in). As much as Bitcoin can be a good hedge against inflation (in theory), Bitcoin somehow doesn't do well I the face of inflation / stagflation (in reality).
So, what do you guys think?
Is this a great time to accumulate or nopes?
Do yall expect Bitcoin and other crypto related stocks to fall further from here or rebound?
$MicroStrategy(MSTR)$ $Coinbase Global, Inc.(COIN)$ $Marathon Digital Holdings Inc(MARA)$ $CleanSpark, Inc.(CLSK)$ $Riot Blockchain, Inc.(RIOT)$
🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀🍀
@TigerStars @TigerCommunity @MillionaireTiger @Tiger_comments @TigerEvents @TigerWire