in

Bearish post in a bullish phase. Advice worth considering.

Dear Hodlers,

Bearish post in a bullish phase. I’m expecting downvotes, but I am happy to have them if it means I can give wisdom to 1 or 2 people. In this post, I wanted to list a few things to be mindful of when entering what could be one of the craziest weeks of price action we have seen in a few years.

I want to preface my points by saying, I have been, and still am, a HODLER of BTC and other cryptos for many years and have also been burnt in the past and seen significant portfolios dwindle because I didn’t take profits when so many fundamentals were screaming at me to do so. I’m not a professional. However, I have a strong passion for trading and love all Bitcoin, and the broader crypto community is looking to achieve.

Here are my thoughts moving forward:

1. Buy the hype, sell the news. Coinbase listing & futures. These two events have been equally as significant as the recent news of a US Futures Bitcoin ETF, which is looking likely to go ahead this coming week. When previously mentioned events occurred, the price has often risen the weeks prior (buying into the hype) and crashed the day or days later after the news hits and is confirmed.
2. As Warren Buffett said, “Be fearful when others are greedy”. It takes one search of Bitcoin on YouTube to see the sheer number of green arrows, bulls, and shocked faces at present to action/consider this advice. More so, the BTC fear/greed index is at a point where rejection/price correction has occurred seven times over the last year. See the following link: [https://ibb.co/Fwz5fRk](https://ibb.co/Fwz5fRk). I’ve overlayed the one-year BTC price and the fear greed index. The white lines represent times the price hasn’t blown through this point and instead rebounded or consolidated, resulting in a decent drop in price (>15%).
3. Edit: removed as it’s taking away from the meaning of the post.
4. Nothing is linear. Price has been too euphoric. Bitcoin and all assets like to retrace. It’s essential for the longevity of a bull run. Since the 25th of September, the price hasn’t retraced >~7% from high to low. It’s relatively uncommon, especially with the greater than average volume we have seen since this date.
5. Finally, Evergrande. As much as we like to think that BTC isn’t tied to traditional markets, it is. I’m not going to lecture you about what’s happening. If you don’t know what I mean by simply stating, Evergrande, google it and read. It hasn’t gone away and isn’t any time soon. It could heavily impact this euphoric run we are experiencing if the broader traditional market were to tank.

As much as I’d love to give you the pipedream that we’re going to surpass ATH and go the moon from here, I’ve been led by my emotions so many times in times like this and wanted to give (what I hope) are some wise words of advice.

Stay safe out there, family <3



View Reddit by hookey13View Source

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

12 Comments

  1. You say in #3 that most indicators are screaming overbought. Can you list some of them?

    My observations are opposite: most indicators are showing us right in the middle.

  2. >I have a strong passion for trading

    >Stay safe out there

    The two don’t add up.

    Stay safe. Don’t trade. Most traders lose money. Trading in any markets like this is a zero-sum game. The whales get richer solely by taking regular traders’ money/coins.

    Never let the most scarce resource leave you. It’s not worth the risk.

  3. 1. Buy the hype sell the news…. Can’t argue with this but I’m certainly not trading based off a well known speculative strategy.

    2. Warren buffet wouldn’t even consider bitcoin.

    3. Trading off rsi would have lost you money in every other parabolic move bitcoin has made.

    4. Bitcoin is certainly not linear. Zoom out on that chart and you will see that we aren’t in a linear bull market. We’re not even at all time highs.

    5. China isn’t likely to allow a global economic collapse to occur. Money printers still print.

  4. TLDR: OP opened a short and wants people to sell.

    I for one dont want to create unnecessary taxable events and risk diminishing my stack of sats.

    Am I holding some fiat on an exchange ready to buy an inevitable dip? Yes, but that dip can come today, tomorrow, or a month from now. Anybody who says they know is full of shit.

  5. With COP26 coming up in Glasgow, people are really highly focused on innovative tech solutions that are gonna help fix the environmental crisis.

    Most bullish news I’ve seen is the Canadian Bitcoin boiler being used to heat the whole of Vancouver.

    I also noticed that the BBC subtly buried a bitcoin ad in the Prince William and David Attenborough “Earthshot” series which is currently going viral amongst world leaders and populaces around the globe.

    That’s a pretty big deal, the BBC have some of the tightest restrictions on advertising and product placement of any broadcaster in the world. And, given the documentary is about deploying transformative technologies to save the environment, and was put together by leading climate scientists… the inclusion of a bitcoin ad tells us they’re subtly giving bitcoin the green light regarding the environment.

    https://earthshotprize.org/earthshot-the-television-series-available-from-3-october/

  6. DEFINITELY SELL THE NEWS … ATH NAH ITS A TRAP everyone bought the rumour, is twenty grand a coin up just now… to the tune of .billions as soon as it drops they will be selling to take profits… I say sell it all n buy back later..

What do you think?

Bybit Welcome Bonus: Up to $600 in Rewards

Huobi Trust Hong Kong provides safe, secure custody services

Nearly 70% of Dogecoin ($DOGE) Holders Are In Profit, Data Shows

Nearly 70% of Dogecoin ($DOGE) Holders Are In Profit, Data Shows