SO..... what do you call a coin that is in the depression stage or the lost hope stage?
You probably won't hear Bitcoin get called a Shipcoin too much.. but remember back in the alt days, when frustrated people called different alt coins SHIPCOINS?
It's cause they are angry... anger stage. They are angry it doesn't pump and just sits at the bottom doing nothing while all other alt coins are pumping. It sucks to be sitting in a chair in the middle of a dance floor while everyone else is having a ball, right? Anger.
So... when people call things SHIPCOINS; it signals anger stage. Anger is followed by silence. Aka Depression or Lost Hope stage. They forget about it...
THIS IS WHERE BITCOIN IS AT.
Now.. we may not hear Bitcoin specifically get called a SHIPCOIN as it's the triple OG of crypto.. actually triple triple OG.. and triple OGs get respected enough not to get labeled a SHIPCOIN.. but... that doesn't mean people aren't thinking it.
The average normal person in our population is probably thinking... AH... Bitcoin.. Close to being dead. What a scam. What a bubble. I got burnt. I didn't lose my house thank God. On with life. And these people probably won't look at Bitcoin again until someone at works mentions it's back.
But ANYWAYS.... yeah; we're at that stage. Will we drop to the horrid 5k and 6k everybody is yelling and screaming? Not likely.. bulls are tired. Bears are tired. Is that even possible? Yes. Don't be a perma-bear like everyone else. Zig. Zag.
Will the bottom reversal be a pretty little inverse head and shoulders or double-bottom? Likely NOT. You likely missed the bottom to where you can be comfortably in profit while Bitcoin does the usual anger/depression/lost hope dance of ugly slow upward trend. So if you enter now; you will be frustrated. However, if you can enter now and completely forget about Bitcoin and crypto; you're a genius.
People currently in the space don't want to see this big truth. I would say save your breath, clutch your btc and go underground.
dragon
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@mjtrustme, true true.. you're right. One of the reasons I don't post much stuff publicly anymore.
mjtrustme
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@jamesfend, its all doom and gloom brotha, it aint even worth it. the floor needs to be realized by them. The thing about cryptos is its a self fulfilling prophecy, as much as people hate to admit it, psychology and sentiment are controlling the market, and they want to see btc go down. Its them versus the hodlers at this point, whoever is hodling they are being tested right now, if we fall out of past floors and find new ceilings its because of scared sell outs. plain and simple. deflationary economics is not hard to understand....supply demand....just hold. I'm holding, Ill hold through 90% loss, all we need is a group mentality like this to create floor after floor after floor.
I think there is a correlation between Total Coin Market Cap and Bicoin Dominance.
photinoman
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Thank you for your analysis. We see this behaviour everyday on altcoins in 1h, 5min, or 15 min charts. There is an exponential increase, small/large drop with following the zigzags, zigzags gets smaller and price stabilizes, and slowly the price starts to increase again. We are at a point where we should forget about BTC for a while, maybe check the price once in a few days or a week.