Candle looking like a hammer on the daily. Maybe the price falls now, but idk my instinct prefers to stay away.
Chainlink the source of many jokes from cryptoers has kept going up, for months, while the whole crypto has been going down and stagnating.
Chainlink uptrend even accelerated.
I really don't know how I would feel about shorting it now, maybe it is a good idea, on this whole uptrend it has kept retracing every time it printing a gain (very high disbelief - there IS disbelief but disbelief does not automatically mean we are at the start of a bull market for you noobs out there ;) dw I probably used to think the same thing)
So looking at this uptrend, the risk of going short is probably not that high as people are cautious and the price keeps retracing, there has not been any straight out spike.
Now, the price IS accelerating, but if we zoom in we can see we are still very hesitant on this uptrend.
Here looking at BTC bottom in 2015, we can see that judiciously shorting it would have been profitable, and we would not have gotten burned, doesn't matter if crypto is "different", price action works the same:
When Bitcoin exploded up, alot of traders on twitter and trading view called it a bubble and that it was dead, they actually thought "oh its very overbought so extreme, now I should short it" which is so damn stupid, and since 2017 they have been the subject of heavy roasting by dumb bagHODLers (that are going to get their turn dw).
If you want to fight the trend/momentum, don't fight a godamn full speed supertruck because you think "oh it's going too fast it will run out of gaz very soon I think I can stop it" lmao it's the exact same with price.
A stock example just for fun:
That said, I do not know if it can be shorted, it is very unlikely Binance adds margin trading, so this will be more educational I guess.
If chainlink is THE ONE. Oh my. I would laugh SO HARD. I swear, all these cryptoers. If chainlink is THE ONE that really makes it, they're all going to kill themselves.
I really have little experience with just regular going with the trend :p Cannot really give my opinion here sorry. But it's not that hard, I find it quite easy probably because it's "too vanilla" and people are too greedy to do this. You can probably draw a trendline or something and go long when the line is tested.
I did not choose counter trend trading, it choose me.
People on trading view that post about crypto should be:
- 90% trend following
- 10% counter trader
Instead it goes like this:
- 80% idiotic perma bulls
- 10% perma bear haters
- 2% trend following
- 8% counter trend (because people want to get in at the very bottom or top because greed)
Only 5% are successful (and they are not the perma ones) :D
I do not really know the fundamentals of chainlink, just that:
- It has some big partnerships that are underestimated
- /Biz is full of bagholders shilling it
- Every crypto guy into the tech says it's a pyramid scheme and suks
- Sergey is our lord and savior
Even if not for trading, I think it will be pretty interesting to follow its development, an additional experience to add to our brain database.
Chainlink the source of many jokes from cryptoers has kept going up, for months, while the whole crypto has been going down and stagnating.
Chainlink uptrend even accelerated.
I really don't know how I would feel about shorting it now, maybe it is a good idea, on this whole uptrend it has kept retracing every time it printing a gain (very high disbelief - there IS disbelief but disbelief does not automatically mean we are at the start of a bull market for you noobs out there ;) dw I probably used to think the same thing)
So looking at this uptrend, the risk of going short is probably not that high as people are cautious and the price keeps retracing, there has not been any straight out spike.
Now, the price IS accelerating, but if we zoom in we can see we are still very hesitant on this uptrend.
Here looking at BTC bottom in 2015, we can see that judiciously shorting it would have been profitable, and we would not have gotten burned, doesn't matter if crypto is "different", price action works the same:
When Bitcoin exploded up, alot of traders on twitter and trading view called it a bubble and that it was dead, they actually thought "oh its very overbought so extreme, now I should short it" which is so damn stupid, and since 2017 they have been the subject of heavy roasting by dumb bagHODLers (that are going to get their turn dw).
If you want to fight the trend/momentum, don't fight a godamn full speed supertruck because you think "oh it's going too fast it will run out of gaz very soon I think I can stop it" lmao it's the exact same with price.
A stock example just for fun:
That said, I do not know if it can be shorted, it is very unlikely Binance adds margin trading, so this will be more educational I guess.
If chainlink is THE ONE. Oh my. I would laugh SO HARD. I swear, all these cryptoers. If chainlink is THE ONE that really makes it, they're all going to kill themselves.
I really have little experience with just regular going with the trend :p Cannot really give my opinion here sorry. But it's not that hard, I find it quite easy probably because it's "too vanilla" and people are too greedy to do this. You can probably draw a trendline or something and go long when the line is tested.
I did not choose counter trend trading, it choose me.
People on trading view that post about crypto should be:
- 90% trend following
- 10% counter trader
Instead it goes like this:
- 80% idiotic perma bulls
- 10% perma bear haters
- 2% trend following
- 8% counter trend (because people want to get in at the very bottom or top because greed)
Only 5% are successful (and they are not the perma ones) :D
I do not really know the fundamentals of chainlink, just that:
- It has some big partnerships that are underestimated
- /Biz is full of bagholders shilling it
- Every crypto guy into the tech says it's a pyramid scheme and suks
- Sergey is our lord and savior
Even if not for trading, I think it will be pretty interesting to follow its development, an additional experience to add to our brain database.
Comment:
Oh just checked it retraced ahrd on the 2 levels I showed, the red line, and the blue rectangle.
The competition here is brainlets on /biz and no one cares about this ponzi.
So ye makes sense. Easy as it gets.
With Bitcoin you got market makers and whales that left and the few left just manipulate the price as they want, Bitcoin is obvious, but chainlink even more, even a monkey could trade it I imagine.
Or maybe there is a huge risk it can go to zero at any time.
Still not that interested.
The competition here is brainlets on /biz and no one cares about this ponzi.
So ye makes sense. Easy as it gets.
With Bitcoin you got market makers and whales that left and the few left just manipulate the price as they want, Bitcoin is obvious, but chainlink even more, even a monkey could trade it I imagine.
Or maybe there is a huge risk it can go to zero at any time.
Still not that interested.
Comment:
Peaked at near $5
Only crypto I know that made new highs.
Only crypto I know that made new highs.
The propaganda on /biz worked.
The dev team said they needed to hire a "Technical Documentation Writer", and so they dumped hundreds of millions of dollars worth of link.
Something along those lines.
This job sure is expensive... ;)
Unlike the Bitcoin ponzi, THIS ponzi had a nice clear accumulation and provided a good entry.
Buy at 25 cents sell at ath level (1.50) that's a 700% return ayye.
Since people in crypto only care about the raw percentages, they should have been eager to buy.
Pretty sure no one cared...