Spotting euphoria. Why correction is not impossible?
Hello everyone,
Let's just look at the chart and admire this asset. We have come a long way and we're making ATHs as we speak.
As always when BTC moons, we see signs of FOMO and euphoria and this is usually an indicator that deeper correction is incoming. When people start believing next target is 100K, 200K and go leverage buy because they are greedy, they are donating their money to the whales.
In December 2017, no one thought it was possible to go under 15k / 10k, but we ended up just below 3k.
In July 2019, no one thought it was possible to go under 10k again, and people were getting ready for new ATH, and we ended up just below 4k.
Bitcoin is crazy asset and you should always count on deep corrections, the same way it went up so fast, it can also go down.
Is this the top?
- I have no idea, we've never seen prices here, we don't know where possible resistances lie. The ideas you see with some trendlines calling something a resistance this is all BS. We simply don't know anything about this price range and we are not trying to call a top. We just want to remind you that we had some uncharted territory before and it did not end up as people were hoping (parabolic shoot to 100K). This idea is all about spotting euphoria and being cautious about the market right now, not FOMOing and preferably taking some profits along the way.
If you missed this bull run, don't worry, there will be another one, just be patient, opportunity will arise. I am pretty positive that correction to the baseline will come eventually and there is your opportunity to jump in on the train.
Friendly reminder : Shorting is as profitable as longing.
Let's just look at the chart and admire this asset. We have come a long way and we're making ATHs as we speak.
As always when BTC moons, we see signs of FOMO and euphoria and this is usually an indicator that deeper correction is incoming. When people start believing next target is 100K, 200K and go leverage buy because they are greedy, they are donating their money to the whales.
In December 2017, no one thought it was possible to go under 15k / 10k, but we ended up just below 3k.
In July 2019, no one thought it was possible to go under 10k again, and people were getting ready for new ATH, and we ended up just below 4k.
Bitcoin is crazy asset and you should always count on deep corrections, the same way it went up so fast, it can also go down.
Is this the top?
- I have no idea, we've never seen prices here, we don't know where possible resistances lie. The ideas you see with some trendlines calling something a resistance this is all BS. We simply don't know anything about this price range and we are not trying to call a top. We just want to remind you that we had some uncharted territory before and it did not end up as people were hoping (parabolic shoot to 100K). This idea is all about spotting euphoria and being cautious about the market right now, not FOMOing and preferably taking some profits along the way.
If you missed this bull run, don't worry, there will be another one, just be patient, opportunity will arise. I am pretty positive that correction to the baseline will come eventually and there is your opportunity to jump in on the train.
Friendly reminder : Shorting is as profitable as longing.
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