Why I'll Sell Bitcoin if it Reaches $17,000 Soon

Bitcoin touched $10,500 yesterday and bounced back with ferocity. At the time of writing this, Bitcoin is currently sitting at around $15,000. Is this Bitcoin recovery healthy? In my opinion, it isn't.

SteemIt Post: https://steemit.com/bitcoin/@cryptovestor/why-i-ll-sell-bitcoin-if-it-reaches-usd17-000-soon

The reason I suspect this isn't a healthy recovery is simple - it happened too swiftly and too strongly. I believe, from a psychological perspective, that dead cat bounces occur because people FOMO into a recovery with little faith in the price of the underlying asset (Bitcoin in this case) which leads to a nice pump. But when selling occurs, everyone says to themselves "I knew I shouldn't have bought!" and they all panic for the exits.

As such, I will sell a decent portion of my Bitcoin if it reaches $17,000 as there is significant resistance at that level. The reason I'm not selling immediately is because Bitcoin continues to defy my expectations, generally to the upside, so I will give it an opportunity to rise higher. In the event it comes down prior to that level, I'm prepared to hold (or buy if it goes low enough).

In the event it skyrockets (say up to $30k), then I'll provide updates on my expectations and entries. But for now, these are my thoughts on the market. As for altcoins, I still prefer Bitcoin over them given dominance has reverted back to 43%. I will continue to generally prefer Bitcoin until dominance reaches around 50%, although I will provide an update if my mind changes on this for any reason. As such, I believe selectiveness is more important than ever with altcoins right now.

Let me know your thoughts on the markets below - I'm happy to hear them!

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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.
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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):

Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst

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.
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My Favorite Book for Investing in Crypto:

Cryptoassets: http://amzn.to/2zKDdCF

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).
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My Recommended Exchanges: Coinbase / GDAX / Bittrex

https://www.coinbase.com/join/5a08b12e305a1401d79d10e0

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.
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