One picture to explain it all

in #cryptocurrency6 years ago (edited)
I saw this image on twitter today and honestly I felt as if a light bulb went on in my head. The truth is that markets are moved by emotions more than anything else. Maybe, in that sense TA is valid simply because it's attempting to measure human herd mentality fueled by emotional conflict. But, that maybe is pretty big, possibly written in all caps.
It seems to me that we are somewhere between despondency and depression. The cynic that lives inside each one of us has been drinking too much carton wine lately, and even bullish news seem insipid. However, this could all turn in a day, and on this market such comment is not an exaggeration.

Back in December I remember seeing bitcoin shoot from 7k to 20k in just three weeks. Think about that for a second. I remember it vividly, because I was one of those guy who had sent coinbase a wire and felt like strangling someone every day that went by and the money was not available. Now we know that run was unsustainable, it was thrill and Euphoria at best, so we were sure to come crashing down hard.

We are in the middle of the year now, and we've seen bitcoin's small bleed out to a valuation none of us ever imagined to see again. I remember buying half a bitcoin at 11k and feeling like I had missed the big train. Looking back, I was not only wrong about the train itself, but I had absolutely no clue how these markets actually work.

It's because of this that I feel comfortable saying the movie flick will roll again. Something very similar will happen this year, optimism will return and when It does I hope to be emotional balanced enough to not let myself be carried away by the numbers thinking that it could never come down again, because that is exactly how we mess up.

If you ask me, the clock is ticking, we just need one thing to start the domino effect. If I had to guess it will be one of those giant orders on the "special books" we keep hearing about. Old money trying to get into crypto in big numbers, so big, no order book on any exchange could ever fill.

This is a somewhat old article by crypto standards, but its still quite relevant to the conversation. The regulation we all hate to even think about is a key part of the puzzle for this "old money" to join the party.

Why? you may ask - Because the old money does not want to be part of Steem, run staking wallets, learn how to setup nodes on a linux machine or anything that complicated. They want to buy, hide their assets and lock the gains a lot later in the game. The development of products for them ETFs CTFs and alike are not only being proposed, they are already being implemented. This will give the markets a sturdier base and liquidity.

I'm not telling anyone what to do right now. For all I know, everything I've read about the subject could be way off, however I happen to believe in the power of Greed. Yes, I've said greed. To the old money, this revolution of ours is not important, they don't want to change things, they like the system the way it is, but they also know they can't stop it, and they don't want to miss out.

It might be a couple of months still before this doesn't feel like my fridge might be empty tomorrow, but I will continue to tighten up the belt. Because, I'm not going away.


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Hey @meno, I also think it's likely that we're in the despondency and depression phase, of course that doesn't mean we won't go down further short term, but who really knows. Sentiment is low right now but it could also be much worse lol. Either way, I'm definitely an accumulator and not a seller at these prices.

selling right now feels as if I've clearly identified a leak in the boat, so my choice is to help the termites move in.

I'm going to keep on Steemin until they send me home...

;)

Thought this article was going to be about how we are at the anxiety and fear stage right now. I don't think we have gotten to panic yet.

Spot on! I’m not going anywhere either, but i do hope we are at the bottom. Getting rewards on Steemit keeps me in a positive mood. Buckle up, and hang on if you beleave old wall street money is watching and looking for an entry point. I’m in the back seat. 😎

great attitude brother....

I traded .45 of a litecoin for steem today. I had .48 of a litecoin, so that was most of it. Interestingly enough, I chose a good day to do it, litecoin was up by a couple of % and steem was down by a slight bit, so perhaps I did a bit better in the exchange than I might have done yesterday. I powered up 10 steem to start with, and spent 6 steem on steembasicincome.
I'm in this thing for the long haul...

I just put my money were my mouth is... and starting today im officially a dolphin...

Fantastic write up my friend, I am feeling you on this one here. One of the points I make a lot while trying to comfort folks about whats going on is the 7k to 20k jump in so little time, this def can and in my opinion will turn around rather quickly once it gets going. There is quite a lot of optimistic news it just seems like we are in this wait phase for injection on some of these major world changing things that are about to hit the markets with cryptocurrency. You are still talking about a 200 trillion dollar demand say for money and when crypto innovates to mainstream, a 300 billion market cap is gonna be well behind us. love the encouragement in this time and that chart is great one, I am with you also on the placing, think we are def right there in that bottom end surrounded by depression and despondency . ;) much love

I suspect we share that little mission "motivating friends" ;)

Now is a good entry point for anyone so buy and hodl!

Fantastic pinture friend