To All the Bitcoin Cheerleaders....You Should be Cheering for Lower...
Courtesy of: https://goo.gl/images/L28HEE
I and a few others have been some of the few that have been zoned into the Crypto market all of 2018. Why is that???
Well it is because we have traded ACTUAL MARKETS before, you know the ones that go up AND DOWN over time. This is not a pun at the crypto world and all the new traders and investors, this is just reality. Believe me, EVERYONE is a genius in a Bull Market. Once Bitcoin topped at 19k (I called 12K) it was all downhill from there to complete a true eiffel tower pattern. There was so much blow off energy and so many chasers this had to be workedmoff and would take months. Normally these types of moves take YEARS to work off (and they still may, but I don't believe so) seeing some past bubbles that have come back to highs (i.e. Nasdaq 2000).
So let's jump to the chart. What does it say, is it over yet? Everyone is cheering that crypto is bouncing today and Ether is staking and blah blah blah.
Well guess what? It is not over. Listen to me. Do not listen to CNBC, do not listen to the financial pundits on TV, do not listen to the trending page which is full of bullish garbage. Listen to someone who has followed bitcoin from the beginning and traded bull and bear markets.
I expect this bounce to be short lived back to the circle (at best) before we hit more lows. Buy this "Dip" at your own Risk. I am waiting for the 4200-5000 range.
And going to buy some more #steemmonsters
I think if we break the 7k soon we are back at the bull. IMO the bulls could win this now...
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outstanding!!
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I think the market will go lower too unfortunately :/ I am just hoping the 5K floor is enough to stop this bear.. I don't really care how low it goes because I am hodling for the long run, I just thought it was over when it bounced back from 8k to 12k (and I bought a bunch at the 8k dip thinking I nailed it lol).. I guess I was a bit over optimistic and should've took profit at 12k, live and learn right?? I have only been into cryptos for about a year now so unlike you I haven't seen a bear market like this before. I still have faith though, the blockchain will change the world!
Nice update snuffles, thanks for keeping it real.
Is it your belief that those lows will be reached regardless of how high any upcoming rallies go? For example, if BTC goes to $10,000 next week, do you still believe it's going below $5k?
In hindsight, I can see that Bitcoin's only chance for a bullish bounce was from the long daily wick on 6th Feb, but it should've started providing higher highs, i.e. not double top just shy of 12k.
From that moment on it was clear for an experienced trader that we're in for at least months of bear action. I still believed for another couple of months that we'll resume the bull trend, but hey! that's how you get experience, right? :D
It has been and will continue being a painful year, but I believe these are lessons that will yield profit for you as a trader over years to come, applicable in any market.