I'm also aware that I could be wrong and will be happy to accept the fact. This mindset makes me able to flip bias quickly without being stubborn and staying on the losing side for too long.
A lot of people are too proud to accept their loss or if they are proven wrong. This is a losing mentality in the long run seeing this approach will make you incredibly slow to adapt and not learn from mistakes as much as you could.
Good to think about how you fit in all this :)
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$BTC.D had a big bounce when BTC dropped but is still failing to see continuation which is good for alts relative to BTC.
If it wants to continue up, and not go down further, it should bounce here and make it's way towards 50%.
1/4
The current correlation between $ALTS and $BTC seems to be that whenever BTC moves up, so do ALT/BTC pairs and vice versa.
This correlation is often the case after a correction and usually ends whenever BTC starts making big moves towards the upside towards ATH area's.
2/4
When that happens, BTC tends to move up quickly and leave ALT/BTC pairs behind seeing all the attention is on BTC and people don't need alts to get good gains.
This means that IF BTC were to grind up slowly, we could very well see alts continue to do well relative to BTC.
3/4
"So we go up, down or sideways?" well, we obviously get signs to tell us which scenario it's going to be before it fully plays out. We can then anticipate on those.
1/x
🔹Scenario 1 📈
This is basically the idea I showed yesterday about the Wyckoff accumulation WITHOUT spring. If this were to happen, especially during the weekend, I expect a lot of people to be left behind. More about that later.
The Wyckoff accumulation WITH a spring. That thread I made yesterday got bombarded with people thinking we MUST have this spring. Just because of that it makes me doubt we even get this. Time will tell.
What has always fascinated me is how the average person tends to react their anger out at other people when something goes wrong. Especially financially.
This is quite hard to understand for me personally.
1/8
I do understand that financial losses can hit you emotionally. But my first response is always to look at the mistakes I made myself. Not blame others, especially if they had nothing to do with it at all.
2/8
We see this everywhere in the world. Just as an example, things like online gaming, where the worst player in the team is often the most aggressive/angry person which tells others to do better etc.
3/8
First off, the real question is: Is this range accumulation or re-distribution?
The answer to that question will determine whether we eventually break up or down out of this range ($30-43K).
Wyckoff can give us a good indication of what we're working with.
The most telling factor here, will be the volume. If this were to be a distribution range, like we've seen at the top, we would be seeing increased volume on the sell-offs.
Still a lot of late shorters that have had an easy run so far. Usually these highs tend to get swept before anything else.
Keep your eyes out for a swing failure pattern to occur. This is where price sweeps these highs to take liquidity and rejects/falls immediately afterwards.
$BTC Solid breakout and retest of the diagonal so far. Looks good for continuation towards $39K and possibly 42-43K after that.
🔹What happened?
🔹Do I think the bull market is over?
🔹What's next?
🔹What will I be doing?
🔹What happened?
First off, what the hell happened?! Especially on May the 19th in particular?
Of course there's plenty of arguments and narratives for what happened. Be it Elon, China FUD or just the general end of the bull market as a whole.
1/x
The one thing that's most likely though, which we can see from the data, is the fact people have been over-leveraging into longs... A LOT.
We knew this was happening all along and usually we got away with a 20-30% dip but this was not like the other corrections.
2/x