Normies have to get shaken out of Bitcoin

Incompetent peoples buy when the TV tell them to do so, and sell when price dump.
What would large operators do to accumulate BTC, after the biggest normie-propulsed bull run of the crypto-history ... ?

Let's do an analysis a la Wyckoff. This guy praised the TA of TR (Trading Ranges) to distinguish accumulation from distribution.

First, we can see that the downtrend have been broken: price went above the bearish trend-line:

Now we take a closer look at the post-rally TR:

End of 2017, Bitcoin received a lot of attention from mainstream medias, it fuelled a huge rally to 20,000$. The chart then show the following events:

  • PS, Preliminary Support: a short term support made by notable buying pressure (check the volume). It's an early sign of the end of price decadence.
  • SC, Selling Climax: a bear orgasm. Last as long as an human one. Whales accumulate coins sold by panicked normies, it grants them more power over price. An AR result.
  • AR, Automatic Rally: ejaculation made bears sleepy. Big advantage for their adversaries.
  • ST, Secondary Test: big boys have to test the floating supply. They sell larges quantities to make the price fall: is there still too many normies out there ? The low volume says no. They continue to accumulate and can make further STs.

Scarred gamblers sold their coins to intelligent gentlemen. This lower the volatile supply, thus create "rarity". It makes the trading range tighter.

One day institutional traders will open sizable long positions, and publish random good-looking news to bring back the normies.

Rarity + demand = high price

20% of the people detain 80% of the world's money. It's for a reason.

Note that market leaders can make an ultimate test before allowing the bull-run. The price could momentarily go below 6000$ to deceive the public and pile up their coins. Here are two examples on the daily BTC/USD:

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I think the normies are already gone lol

I think so too.

There are not gone yet my friends, Snuffles says we need the puke!!

Here it is, that trendline, being touched. Short term
Bounce and then lower.

https://steemit.com/crypto/@heyimsnuffles/snuffles-called-for-bitcoin-lower-against-the-trending-bulls-now-what-20180529t012019434z-post

lol that's true, wouldn't be a normie if you held on through the recent bear market

people will always be greedy at the top and scared now when we bottoming

Normies are getting priced out every day. I like how you said 20% of the people control 80% of the wealth. I like how the volatility is subsiding and a strong support line is being built. HODLers and whales always win in the end.

BTC and crypto in general is so different from traditional trading. Many people are waiting for a psychological number to start or get back in. I think this number is $10,000 for BTC. A shrewd investor would see value in this market and get as much as they could get now instead of waiting for the market to go up.

As a person who went into finance as their career, I find the norms of the crypto market fascinating. There is so much good info out there, but people still act/trade in a way that doesn't make any sense. Too much short-term thinking.

Old investment (Rothschild fortune) advice: "... buy when there's blood in the streets ..."

While this market / asset class is new, human nature is not.

So? Still good advice ...

Posted using Partiko Android

"even if the blood is your own." 😉

what if you run out of blood?

buy some

Human nature may not be but the nature of bitcoin will change that when we get rid of the middlemen for good & the people that nurture bad nature...

I'm not much of a cryptocurrency wiz or anything like that, but this article really helped me understand, even some of the complex sides of it :)

Henry

Thanks for sharing

Shares for thanking

I couldn't have put it better myself. The current crypto climate is nothing more than the elite driving fear into the normies. By the time the media is hyping bitcoin, you would have already missed the boat. Take the opportunity now to stock up on as much BTC as possible and some of the other top 10 cryptocurrencies for a bit of diversity. You've got to be brave when people are fearful, it makes total sense to buy when prices are low!

First time seeing your posts, valuable and unique way of anaylsising the charts with psychological explanations + some good humour, keep it up and I'm keen to see your future posts!

Thanks for your comment!

Wouldn't you say that one of the long term goals of Bitcoin is that all normies end up using it?
Bitcoin has evolved into a thing that early adopters and cypherpunks seem to want to keep as their sacred underground community while forgetting that its greatest mission is to topple broken financial systems and create an ecosystem for people to freely transact. That's not to say I disagree with your TA, but we should keep this in mind.

Wouldn't you say that one of the long term goals of Bitcoin is that all normies end up using it?

It's been more a curiosity-backed invention.
For all normies to use it, they'd first have to learn how to transfer it out of coinbase to a private wallet.

cypherpunks seem to want to keep as their sacred underground community

Kind of true

its greatest mission is to topple broken financial systems and create an ecosystem for people to freely transact

20 anti-riot cops can manage thousands of pacified people.
The financial system will not change unless governments (and banks) allow it.

yup pretty sad how people have been so horribly brainwashed over the years

I also follow you, Please you also follow me...