So wasn't that an exciting couple of weeks..
Firstly no investment is going to give you double or triple digits ROI leverage trading for more than a moment before a correction. Bitcoin IS growing - I mean it's way above where we were a month or two ago, so stop flipping out, just take a chill pill and try to understand what happened so that you can see the warning signs next time.
A lot of people just lost everything they own, so I think a moment of silence is in order...rekt.in.pieces....... - don't be a cowboy next time though.
Ok..So where are we now?
The good news is that everything is still in pretty good shape, corrections are healthy - they create the critical volume needed for a move back up - like the old bushfires.
Ok..So what happened?
..Firstly... Margin trading..
Who do you think gives you the money when you leverage 100x your position? That money doesn't exist - it's fantom money. What we are now seeing is the result of the market if you take that little bull run and remove as much fantom money as you can from it. So if you want to yolo 100x positions.. treat it like a casino - you win some, you lose some.. but remember Arthur always wins in the end.
..Secondly... Blind emotion..
2a) Bitcoin is a speculative market - when a global pandemic breaks out, people don't suddenly start moving their money into speculative markets.
2b) Every time the U.S. Marshalls have held a BTC auction the market crashes pretty hard after the fact.
2c) Binance was running out of USDT because everyone in the world had maxed out open leveraged positions
And with all these signs, something had to happen - to be honest, I didn't foresee a drop this far ....But so many were so excited about $11k they didn't see the forest through the trees and was convinced the past movements would not define future movements.
..Thirdly... Whale opportunity..
Binance was hacked, and was offline for hours and hours. No-one had any idea what was happening.. As soon as it went offline, scam wicks started liquidating as many positions as possible - bouncing $500+ at a time, and that gave the market an opportunity to pivot to bear trap then bull trap all the way back down. This was crazy market manipulation but is what happens with Crypto so get used to it and try to think more like a whale next time.
Ok..So where to now?
Who knows.. All I can say is that there is a lot of support in the $8,000 - $8,500 area, so if it drops to there, hopefully, there is the rocket fuel to get it back in golden cross mode. But.. it may take bit to recover....
Or maybe that's just what Arthur wants me to think...
Firstly no investment is going to give you double or triple digits ROI leverage trading for more than a moment before a correction. Bitcoin IS growing - I mean it's way above where we were a month or two ago, so stop flipping out, just take a chill pill and try to understand what happened so that you can see the warning signs next time.
A lot of people just lost everything they own, so I think a moment of silence is in order...rekt.in.pieces....... - don't be a cowboy next time though.
Ok..So where are we now?
The good news is that everything is still in pretty good shape, corrections are healthy - they create the critical volume needed for a move back up - like the old bushfires.
Ok..So what happened?
..Firstly... Margin trading..
Who do you think gives you the money when you leverage 100x your position? That money doesn't exist - it's fantom money. What we are now seeing is the result of the market if you take that little bull run and remove as much fantom money as you can from it. So if you want to yolo 100x positions.. treat it like a casino - you win some, you lose some.. but remember Arthur always wins in the end.
..Secondly... Blind emotion..
2a) Bitcoin is a speculative market - when a global pandemic breaks out, people don't suddenly start moving their money into speculative markets.
2b) Every time the U.S. Marshalls have held a BTC auction the market crashes pretty hard after the fact.
2c) Binance was running out of USDT because everyone in the world had maxed out open leveraged positions
And with all these signs, something had to happen - to be honest, I didn't foresee a drop this far ....But so many were so excited about $11k they didn't see the forest through the trees and was convinced the past movements would not define future movements.
..Thirdly... Whale opportunity..
Binance was hacked, and was offline for hours and hours. No-one had any idea what was happening.. As soon as it went offline, scam wicks started liquidating as many positions as possible - bouncing $500+ at a time, and that gave the market an opportunity to pivot to bear trap then bull trap all the way back down. This was crazy market manipulation but is what happens with Crypto so get used to it and try to think more like a whale next time.
Ok..So where to now?
Who knows.. All I can say is that there is a lot of support in the $8,000 - $8,500 area, so if it drops to there, hopefully, there is the rocket fuel to get it back in golden cross mode. But.. it may take bit to recover....
Or maybe that's just what Arthur wants me to think...