Have you ever heard of the term "dead cat bounce"? Well have a look:
Now, consider this BTC chart:
I am 50% into cash.
Trade safe guys, and please follow and upvote if you like the content.
Dan @tradealert
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that term dont apply to crypto
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Why not? It did apply in 2013.
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that was once..It has showed such movement many more times...
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Markets have cycles and the price will eventually hit a bear trend. When and how long it will last, I have no idea. As for the dead cat bounce, it's very real, go have a look at these charts: PIVX, Ripple, Ethereum, I agree the term sounds a bit ridiculous but it is a thing in trading
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These trends reflect on human emotions...In stocks millions of users are deciding the market so u can predict and find patterns which reflect the emotions of the mass..In crypto everything is a pump and dump and the market is purely determined by the few groups...so there is no way to predict..And no trading patterns or analysis can be applied here
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Not in BTC my friend, go look at my charts, fib extensions work very well, as well as trendlines, it's worth learning technical analysis because TA is used by big whales/institutional traders to set targets, you really should look into it. Also, stock trading is dominated by computers and high-speed algorithm whereas crypto is where the big dumb emotional money is, that's why you see people buying coins that are up +6000% for "investment". Emotion is what makes crypto so great to trade.
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This comment has received a sweet gift of Dank Amps in the flavor of 11.36 % upvote from @lovejuice thanks to: @bhightech. Vote for Aggroed!
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Thanks for sharing such a valuble post... :)
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You're welcome, upvote and follow if you like the content, more to come
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Ha! I've been around long enough to have seen this over and over in various markets (had a close friend lose about $900k of his own money on Black Monday in '87), and was thinking the same thing two days ago, when are we going to see a dead cat bounce. During the "crash", kept wondering how many people would get suckered in to buying the dip right away. We may be a way from the bottom, and there is so much uncertainty with Bitcoin (short-term) right now, it certainly is a reasonable strategy to sit on the sidelines and wait a bit.
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Wow, $900k is a hefty sum, hopefully it was money your friend was ready to lose.
Agree with you that most people get easily tricked by the market because of their lack of technical knowledge and also because greed coupled with fear of missing out the next "BItcoin killer" or whatnot. That's the reason why I have started this blog, I want to give people objective, technical information to educate the many without trading experience so they don't get preyed upon :)
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The market was hot and he was trading on margin, and kept rolling until the point where he had close to $500k out in calls. The the 19th hit and bam. Gone. Was probably about 30-40% of his net wealth at the time. He certainly wasn't in a position to lose it. Big lesson there.
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