RE: Bitcoin (BTC) Evening Update: A Directional Resolution is Needed
Gotcha.
What you need to understand is that humanity is a bubble, "the economy" is us turning the environment into trash and selling the resulting gadgets to itself for intra-species amusement.
This just as a general explanation about what's going on in the "market" - the crypto market is an ideal example for this, people selling each other ideas and as long as they believe in them... believe in Islam and you'll happily go to paradise, for what it's worth.
Believe in Bitcoin, and Bitcoin will rise.
But there's lots of utter amateurs in crypto now, some on borrowed money - they are extremely paranoid and many are probably unable to wrap their minds around what's actually going on...
Though folks like @haejin will deny it, that is a decisive factor, it's THE factor - and the highly deliberate, almost reliable China FUD, the BCH action by The VersTM and talk like yours here are having a destructve influence on the morals of these people, this is why I'm critical towards the attitude, Elliott Waves and the rest of TA or not.
Because all prophecies are sorta self-fullfilling.
This is very satisfying for the doomsayers, as they can point at the results, saying : "See ? I was right "
But I have a solution, and it's really simple - all we need do is kill the batsperson...
So you're trying to hype the prices up? And trying to educate me? Wow. I've been there and I rather not live in that "bubble". Saw what it was pretty fast.
This kind of behavior will just end up making the people you wish to "protect" to lose money. No matter how many times you utter "up up and up", it doesn't matter. People can see the charts and will act accordingly. Joe with 20 dollars doesn't matter much in grand scheme. Smart money does. No amount of chanting together will change their opinion, as they don't care about what hope you're trying to sell to newcomers.
They will make money the same shorting as longing.
When even the mention of possible bear market is hissed at, you can tell what's up.
But to make it all right, btc to moon! Just repeat after me and it'll work.
No reason to get all excited ;)
You can't force a great portion of people to think for themselves, so either way you tell it, you will end up influencing them.
In this case, seeing things in a positive manner will actually help everybody profit, except those who have a bearish stance for a well-defined but rarely openly-displayed reason...
Because the ones you fear might be losing money will not do so as long as the rates go up. You may have watched that after haejin videos about Bitshares and the likes - I appreciate your way of Icarus-oriented reasoning but in a theater like the current one, no non-Cassandric harm is actually being done.
I'm only sharing my view on the markets, that's all. I'm not trying to herd anybody here or guide them to tag along. The sooner these newcomers learn to not follow others blindly, they will do better here and in life. And if they are using Steem, I want them to do well in both.
So for those who don't know what they are doing, no need to panic just hold. If you believe in the projects you have bought that should come easy. Crypto hasn't entered mainstream yet and you want to hold some when that day comes. Swings now will look like miniscule looking back then.
Corrections are healthy and I welcome them.
Since this is a place for trade talk: Where do you see support for btc in the weekly timeframe? I could see the next support being at 8k. So bounce there back to 10k or even 12k and people will be cheering but it will be just lower highs and the bear market will continue. In the end 5k looks like inevitable for me but I'm a pessimist. What do you think personally? It will be interesting to see how this plays out, that's why I'm commenting here. To come back and look is there any point for TA.
Telling the truth, I've been expecting levels of 11.5, 9.5 and 8 myself a few times since Christmas, and nothing about that is impossible... I'm very disappointed at the psychological situation as we had such a nice "I believe in Bitcoin" creed end of the year, that would have carried us to 50k in summer... but it was not to be. A bear run down to 6 k is possible for a half year I think, though probably around 10k more likely. Thing is, I'm not really that concerned because I believe day trading is the better way to approach this scenario and you can always earn money doing that in a choppy market. You just have to put your mind to it. In a market where you have to reckon with constant dips, make buying and foreseeing dips your forte, buy and sell every time anything drops or rises by more than $300 or so. Have to find out if its worth your time of course, it tends to get a bit intense ;)
Don't worry, 100k will probably break at the end of next bull run :) Can't go from 700usd to 50k without a proper correction. Let's hope for 5k bitcoins, the cheaper the better before they truly go to insane levels of price.
Good luck trading! I rather look for longer trends than day trade, too intense.
I like your way of thinking, really, but huuuge amount of money are coming from standard finance, even JP Morgan want put money in, and BTC is first mover (and will upgrade). They want buy cheap so they pump hard and dump slowly to induce huuuge dips. Just my opinion. Hope you are right for the end of the month, my alts are going down/correcting and I hope to see them go up as soon as possible.
" (and will upgrade). "
What makes you believe this fantasy? Blockstream is on the record as seeing $100 fees as a good thing, because it will drive people to use their off-chain (read: scam, centralized) solutions to make them more money.
Educate yourself before putting your foot in your mouth.
I'd rather have them go as low as possible before the upswing. Just keep adding coins that are promising.
I had been hoping for $8000 myself around Christmas when Mike Novogratz said "no investments before the holidays as 8k is a possibility" - but his wish did not come true, that was a month ago.
By now this shit is just being destructive and we're playing into the institution's hands.
I mean really, get a grip. Self-fulfilling prophecies. The institutions don't need big investments to keep the markets upset, a bit of FUD every day is doing their divide-and-rule job nicely. I've been in ads and PR for years.
The Russians did it. How hard can it be ?