Its the same thing every time.
compare this: blog.stocktwits.com/...riginal_15986178.png
with this: i.imgur.com/NtCHJMn.jpg
Stealth phase:
We had a nice long accumulation phase when no one really cared between $200-$240. But when the range broke, we had "take off"
Awareness phase:
People slowly saw breakouts, we even broke $300 without too much difficulty, and then we hit $336 for the first sell off. The "double top" turned out to be a bear trap at $336.
Mania phase: After $336 broke, people went crazy. All dips were bought almost immediately, we went vertical. All news was good, and plenty of news there was. People were enthusiastic about Bitcoin all of a sudden. Some were scared to go long as it went up too much too fast, expecting a correction, but it never came.
People decided it's going to break new all time highs, $1000 was right around the corner. The people who were long double down, the people on the sidelines decided to buy. Some made 10%+ profits almost minutes later.
The delusion phase came, $1000 was no longer a goal, $5000-$10,000 was expected within months. This was when $470-$480 broke with ease.
$500 also broke and this was the "New Paradigm"
Denial phase: where we are at now...
compare this: blog.stocktwits.com/...riginal_15986178.png
with this: i.imgur.com/NtCHJMn.jpg
Stealth phase:
We had a nice long accumulation phase when no one really cared between $200-$240. But when the range broke, we had "take off"
Awareness phase:
People slowly saw breakouts, we even broke $300 without too much difficulty, and then we hit $336 for the first sell off. The "double top" turned out to be a bear trap at $336.
Mania phase: After $336 broke, people went crazy. All dips were bought almost immediately, we went vertical. All news was good, and plenty of news there was. People were enthusiastic about Bitcoin all of a sudden. Some were scared to go long as it went up too much too fast, expecting a correction, but it never came.
People decided it's going to break new all time highs, $1000 was right around the corner. The people who were long double down, the people on the sidelines decided to buy. Some made 10%+ profits almost minutes later.
The delusion phase came, $1000 was no longer a goal, $5000-$10,000 was expected within months. This was when $470-$480 broke with ease.
$500 also broke and this was the "New Paradigm"
Denial phase: where we are at now...