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Fear and psychology of the Bitcoin market

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The cryptocurrency market is based on the psychology that controls this market. This can also be attributed to emotions, and in particular the fear that now prevails in the market. Fear performs a protective psychological function of the body and arises on the basis of the conservation instinct as a reaction to any danger, in real life can cause many problems, and even more so in trading. It is often impossible to win, but knowing the psychological origin of this phenomenon, it can be understood and controlled. The greatest number of mistakes is made under the pressure of emotions, both positive and negative. In trading, for example, in a state of euphoria in the Bulran you can continue to sit in a rocket, which is about to collapse; and in the same way, in panic or fear, drain the remaining deposit, fixing losses at the very last stage of the correction (after all, as a rule, it’s usually too late to be afraid!). The resulting losses will bring complete disappointment and close the vision of any further positive opportunities. After that, already at a subconscious level, a negative reaction to trading and cryptocurrency as a whole will be formed.

The fact that we are now witnessing an increasing number of skeptical reviews, analyzes, forecasts and negative reviews in the direction of the crypt once again points to the relationship of crowd psychology and market behavior. The emotional mood of this crowd indicates the place where the market is located in its psychological cycle. Now we see a panic, and at the same time, there is still a good mass of not disappointed traders on the market, which indicates the possibility of further reduction to the stage of surrender, anger and depression ... But on the other hand, we all saw a much greater panic at the end of January - in early February, after which it was already: capitulation, and anger, and depression in the form of a protracted outset before the current failure. The conclusion suggests itself: we are approaching the coveted reversal, and even if we are not standing at the foot of a new upward movement, it is already extremely close. The asset made a huge correction path, overcame the cherished resistance of 0.786 Fib and rolled back almost the maximum value (the average maximum bitcoin drop was -85%, now the market has already done -81%). So if the downtrend continues, the fall should not take much time, and the rebound should follow immediately.

Since cryptocurrency markets are not yet strong and have high volatility , we see a huge difference in price fluctuations. For comparison, you can take any other similar innovative product at an early stage of its development, there we will see the same
As I said 12 days ago, we are rolling down to collapse by BTC)) Now I'm out of market... Because it is worth to pay attention to how the market players behave near $3500. Now I think like this:

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