I warned BTC correction wasn't over. Did BTC trick you?

in #bitcoin7 years ago

For the past week I've been warning BTC's correction still had another leg down. Two very powerful indicators predicted BTC's continued correction to the 8-10k area.

1 - The 150EMA which BTC has respected religiously.

btc jan14.png

2 - The Elliott Wave Zig Zag count

The goal of markets is to trick you. When buyers are at their happiest, markets correct until buyers feel pain. When the correction runs so deep that buyers are screaming with pain, liquidating underwater positions, and fed up with the correction; that's when markets revert.

That's also why markets revert, since all bulls have capitulated to bears, leaving no more selling pressure to fall.

Technical analysis charts this emotion. Make no mistake crypto is some of the most emotional and irrational markets of all. A majority of the participants have never traded, and don't understand why they're on the wrong side of the market.

So a real world indicator to look for (in addition to TA) is permabulls screaming in pain and running for the hills. I've seen a few already but unfortunately there will need to be more before this market has a POTENTIAL of resuming. There's still the outside chance this is the end of the bubble.

Hope this helps. It's not trading advice. Always trade based on your own analysis and assume your own risk. Never risk more than you can afford to lose entirely.

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how can you be tricked? as long as all you do is buying the red then you win, easy is that. doesn't matter if we are heading towards new highs now or later, as long as you buy the dips you will only increase your gains.

It's not that simple friend, you can do a lot better.

by doing how? that's my understanding of how to profit in a bull market which I project until at least till mid 2018. Enlighten me :-)

Barsic if you can avoid a 50% loss you always should bull market or not. If your account hit 100k at BTC 20k, it dropped to 50k on this correction.

Why not sell in overbought, and rebuy lower? Sell the 100k at BTC 20k, buy back in at BTC 10k, and end up with account 200k if return back up to BTC 20k instead of account 100k.

I never said not to sell high, I do this with all my coins :-) thanks anyways

my point was only reffering to the actual situation, now we are in the reds and can profit from some nice discounts. this of course means that you need to have sold earlier so that you have the buying power available ;-)

SteemitRomney bingo.