''Buy when blood is on the street''

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
''Buy when blood is on the street''

Warren Buffett:
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Sir John Templeton:
''Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. ''

''If you want to have a better performance than the crowd, you must do things differently from the crowd.''

''The four most dangerous words in investing are 'This time it's different'.''

Alan Greenspan:
''Amateurs want to be right. Professionals want to make money.''
Nov 27
Comment: One more drop to around $3200-2800 is very likely:

Nov 27
Comment: Bulls are still fighting.Hopefully they can break up $3750.


Another difference between amateurs and pros: pros know the difference between support and resistance.
+4 Reply
Counter quantumtrader
@quantumtrader, Exactly and one way how to determine support and resistance is to look at the closes in higher time frames. One reason why we consolidated at around $6000 was because we had several candle closes in the weekly chart at $5800, which later served as a strong support zone. The next strong resistance line for the bears was at $4200, which was one of the reasons why I published a long idea there, where everyone was bearish as well. This was immediately broken, BUT in the monthly chart we have not yet closed below this area.
That means it is very likely that we will be back in the 4k area shortly before the end of the month. The weekly candle should close at over $3600, though I can imagine one more drop to around $3200 today or tomorrow. However, I like to shop earlier in such situations, as soon as the bottom is reached it's nearly impossible to get Bitcoins for that price. That means there is a big danger that after a sell off the price jumps upwards by several hundred dollars like in february.

Weekly chart:

"Buy total garbage when there is blood in the street"
- Warren Buffet
+2 Reply
I totally agree with this level. $3xxx means everyone try to grab more BTC for own bags.
+2 Reply
there is no blood on the streets yet, this was just a scratch wait till it hits 1.2-1.5k
+1 Reply
Ha. Win. You won at Tradingview.
+1 Reply
dinopiccinin OhTheFuture
@OhTheFuture, No wonder why people get so cocky when they get some good calls. He was right on the initial drop, but he called a reversal around 5200 and 4500, and now if this is not the bottom he'll prob call the bottom yet again by drawing the support line reversal even lower (~1900-2900 maybe). I'm a contrarian as well but in market conditions such as these it's not going to reverse right away once too many people are bearish (if that was the case we would have reversed long ago and not have hit under 3500).
OhTheFuture dinopiccinin
@dinopiccinin, I was commenting on the quotes he left and in in what order. You have your famous main stream Warren Buffet quote followed by some other guy with a fancy name followed by the devil himself, Alan Greenspan.

It's the commentary about how those with the most make things move.
+1 Reply
zappermoi dinopiccinin
@dinopiccinin, agree, some guys share their ideas and some people are rude in the comments thats "no bueno" :)
about the btc: i am contrarian too, i like to see similar ideas to compare, i think the "bottom" at least for a while was 3500 (in my chart several reasons: fractals and my gut +extra confirmations 88% retracemnts, monthly month almost closed, bullish divergences, etc. Alan missed for a bit but yeah I bought at 3600, target 5000 from there i will watch what comes as i dont think at all moon is full ready yet
It has been above $3750 for a long time. But still no breakout. I believe you mean above $4750.
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