I've come home early today because Covid-19 is running rampant through our office. I pour myself a Bourbon and sit at my computer in my home office to begin typing my Evening Update on Solana like so many previous nights. As I'm reading the comments on my profile thread and ideas from other contributors shared on this platform I stumbled on what appears to be the norm, with respect to such much of the great analysis I read here, a lot of it is wrong as it pertains to Crypto Currency.
The Linear thought process is 99% useful in my opinion...but when it comes to trading markets, it flounders. When it comes to trading Crypto it can be deadly. (Pause for a sip)
The reason being is Crypto Trading is not only new, but it's hardly understood. I'm talking about the utility of some of these block chains, the various projects associated with each platform, and potentially how they WILL one day change Fin Tech forever. Anyone trading crypto would be considered a "Crypto Genius" to a mere mortal, but 95% of every single user on Trading View, trading Crypto has only cursory knowledge of these digital currencies and why they're not only important, they're vital. SO you can't come into trading Crypto applying a Linear Thought Process you learned while trading stocks, the Indices or even Futures. (I take that back...I find Futures are somewhat similar). (Pause for a sip) ...and think these charts will behave like all the others you've seen in the past.
The Linear Thinkers are saying:
1) Crypto is about to crash...(About to? Where the heck have they been since November 2021)...Brother, that ship has sailed.
2) Crypto has no Value so ultimately it's all going to ZERO. (Pause for a sip)
3) Crypto is Tied to the US Indices and the market is about to crash because inflation. (the 1980's just called and said they want your brain for research).
4) Dogs and Cats will never live together in harmony. (lol...I added that one in. They didn't say that.) (Pause for a sip)
My point is Crypto's future is bright...both price appreciation and societal benefit wise. But precisely because so few traders understand it makes it difficult to price analyze and trade. Most analyst's who post here will say it's not difficult and to just read their ideas thread. After two and half decades of trading options and futures I will tell you crypto doesn't behave the laws of price analysis physics. The Golden Mean, "The .618", the most important numbers in the history of humanity is disrespected daily by Crypto.
DAILY.
Standard Fibonacci extension or retracements....disrespected...DAILY.
Head and Shoulders this or that....NO RESPECT.
Cup and Handle (LOL)...ZERO RESPECT.
Bar Chart Key Reversal Days...CRYTPO BELLY LAUGHS AT THAT.
When I post my analysis to my followers I try to explain, I'm applying a proven, long standing financial analysis tool to my ideas (EWT), Logic, Personal Interpretation....but in the end...I MAY BE WRONG. Table pounders, analysts that say price will do this and it will do it by this timeframe...might as well be snake oil salesman to me. BUYER BEWARE!
What is the important moral of this story?
DON'T DRINK BOURBON AND READ IDEAS BY CRYPTO ANALYSTS.
Best to all,
Chris
The Linear thought process is 99% useful in my opinion...but when it comes to trading markets, it flounders. When it comes to trading Crypto it can be deadly. (Pause for a sip)
The reason being is Crypto Trading is not only new, but it's hardly understood. I'm talking about the utility of some of these block chains, the various projects associated with each platform, and potentially how they WILL one day change Fin Tech forever. Anyone trading crypto would be considered a "Crypto Genius" to a mere mortal, but 95% of every single user on Trading View, trading Crypto has only cursory knowledge of these digital currencies and why they're not only important, they're vital. SO you can't come into trading Crypto applying a Linear Thought Process you learned while trading stocks, the Indices or even Futures. (I take that back...I find Futures are somewhat similar). (Pause for a sip) ...and think these charts will behave like all the others you've seen in the past.
The Linear Thinkers are saying:
1) Crypto is about to crash...(About to? Where the heck have they been since November 2021)...Brother, that ship has sailed.
2) Crypto has no Value so ultimately it's all going to ZERO. (Pause for a sip)
3) Crypto is Tied to the US Indices and the market is about to crash because inflation. (the 1980's just called and said they want your brain for research).
4) Dogs and Cats will never live together in harmony. (lol...I added that one in. They didn't say that.) (Pause for a sip)
My point is Crypto's future is bright...both price appreciation and societal benefit wise. But precisely because so few traders understand it makes it difficult to price analyze and trade. Most analyst's who post here will say it's not difficult and to just read their ideas thread. After two and half decades of trading options and futures I will tell you crypto doesn't behave the laws of price analysis physics. The Golden Mean, "The .618", the most important numbers in the history of humanity is disrespected daily by Crypto.
DAILY.
Standard Fibonacci extension or retracements....disrespected...DAILY.
Head and Shoulders this or that....NO RESPECT.
Cup and Handle (LOL)...ZERO RESPECT.
Bar Chart Key Reversal Days...CRYTPO BELLY LAUGHS AT THAT.
When I post my analysis to my followers I try to explain, I'm applying a proven, long standing financial analysis tool to my ideas (EWT), Logic, Personal Interpretation....but in the end...I MAY BE WRONG. Table pounders, analysts that say price will do this and it will do it by this timeframe...might as well be snake oil salesman to me. BUYER BEWARE!
What is the important moral of this story?
DON'T DRINK BOURBON AND READ IDEAS BY CRYPTO ANALYSTS.
Best to all,
Chris
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