This market is huge on sentiment, even more than penny stocks (which I've been trading since I was 14). One moment everyone is all bullish and the next moment everyone is all bearish. It appears that reason or sanity has no place in this market for retail traders. That is not to say that it doesn't work though. I assure you, if you can keep a calm mind in this market (or any market) and let all the sentimental posts and videos pass you by, you will do really well.
Now that we have seen some big red candles on the BTCUSD chart, everyone is all bearish expecting Bitcoin to fall down to $6k. While I do believe that it will eventually happen. In fact, I think Bitcoin will go even lower than that this year, but at the same time we need to realize that it is not going to happen when everyone is expecting it. Trading unlike business is a zero sum game; somebody has to lose in order for somebody to win. In this case, it is the whales and market makers that are playing the retail traders like a fiddle and making them fall for the same mistakes over and over again.
Just when everyone is expecting a move to the downside, I think BTCUSD might surprise everyone by pumping a little higher short term to complete the right shoulder. However, make no mistake, the bulls have lost control. This larger formation that we see on the chart is very bearish and it will result in BTCUSD ultimately declining towards $6k and lower in the days and weeks ahead.
Comment below with your thoughts and suggestions. If you liked this idea, please give it a thumbs up and follow for more. Good luck! :')
Now that we have seen some big red candles on the BTCUSD chart, everyone is all bearish expecting Bitcoin to fall down to $6k. While I do believe that it will eventually happen. In fact, I think Bitcoin will go even lower than that this year, but at the same time we need to realize that it is not going to happen when everyone is expecting it. Trading unlike business is a zero sum game; somebody has to lose in order for somebody to win. In this case, it is the whales and market makers that are playing the retail traders like a fiddle and making them fall for the same mistakes over and over again.
Just when everyone is expecting a move to the downside, I think BTCUSD might surprise everyone by pumping a little higher short term to complete the right shoulder. However, make no mistake, the bulls have lost control. This larger formation that we see on the chart is very bearish and it will result in BTCUSD ultimately declining towards $6k and lower in the days and weeks ahead.
Comment below with your thoughts and suggestions. If you liked this idea, please give it a thumbs up and follow for more. Good luck! :')