BitcoinLong
Bitcoin undecided, Mixed signals, Blame Noobs?
Updated
Bitcoin traders are clearly undecided. Doesn't help that you have newbie traders that already know everything about everything.
You have those that want it to go up to 9 or 10 grand
You have your sub 6k and below group.
You have your 500 point day trading group.
You have your 50 point 5 minute candle group.
Lets not forget the back to 20k and beyond group.
They are all fighting each other right now. Just look at any chart posted on trading view, everyone is fighting about which direction IT IS GOING TO GO.
I think the problem is you have 2 main groups fighting, those who use TA (Technical Analysis), which is nothing more than human behavior. Then you have the newbies, who don't understand TA and how it works and think it nothing more than Hocus Pocus, therefore trade on nothing more than how they FEEL the direction of the market should go, terrible strategy. We are just coming off a huge spike to 20k ATH(ALL TIME HIGH), some are saying Lifetime High, it could be argued that we are just finishing a huge C correction. Until the Newbies get bored and move on or get understanding, it is going to look like we are going down and up. That is what emotion trading is, you are up, you are down, quick buy, quick sell, based on nothing more than how you feel that day, terrible.
With that being said, we are still on board for the Elliot wave pattern with wave 2 completed, LOL, maybe, we should know in the next several days.
We may just go sideways for LIFE now. Not to far fetched, when you consider Bitcoins price movement Pre-20K FOMO, it was an absolute snooze-fest for years. But all you had to do then is HODL, honestly if you are currently HODLING continue to HODL.
My TA do not BUY OR SELL BASED ON MY ANALYSIS
You have those that want it to go up to 9 or 10 grand
You have your sub 6k and below group.
You have your 500 point day trading group.
You have your 50 point 5 minute candle group.
Lets not forget the back to 20k and beyond group.
They are all fighting each other right now. Just look at any chart posted on trading view, everyone is fighting about which direction IT IS GOING TO GO.
I think the problem is you have 2 main groups fighting, those who use TA (Technical Analysis), which is nothing more than human behavior. Then you have the newbies, who don't understand TA and how it works and think it nothing more than Hocus Pocus, therefore trade on nothing more than how they FEEL the direction of the market should go, terrible strategy. We are just coming off a huge spike to 20k ATH(ALL TIME HIGH), some are saying Lifetime High, it could be argued that we are just finishing a huge C correction. Until the Newbies get bored and move on or get understanding, it is going to look like we are going down and up. That is what emotion trading is, you are up, you are down, quick buy, quick sell, based on nothing more than how you feel that day, terrible.
With that being said, we are still on board for the Elliot wave pattern with wave 2 completed, LOL, maybe, we should know in the next several days.
We may just go sideways for LIFE now. Not to far fetched, when you consider Bitcoins price movement Pre-20K FOMO, it was an absolute snooze-fest for years. But all you had to do then is HODL, honestly if you are currently HODLING continue to HODL.
My TA do not BUY OR SELL BASED ON MY ANALYSIS
Note
History is repeating itself on a much larger scaleNote
and againNote
and againNote
and againNote
and againNote
Look familiar?Note
and againSo what is my Point?
This to shall pass
Note
There are plenty other examples, but I think you get it.Note
Last shred of good news about this move is it could DOUBLE bottom.Note
if NOT, this move up is a FAIL and I will update with new chart later on.
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