After a long boring choppy market the price is moving, and this may be the time to hop in, we get a discount on the price.
You may also want to wait for the price to bottom.
We can buy a bit as the price goes does, then a bit more as it bottoms, then a bit more as it goes up, then a bit more on the next pullback...
I can't tell if it bottoms or bounces directly, my best guess would be after this long up and down the weak hands got scared and some of the gamblers lost interest (not going fast enough) so they'll be more selling at the bottom holding the price back + not as many bottom chasers ==> Will have to wait for the last weak hands to sell at the bottom before the price rallies.
The price would have to go below 30k to start considering a potential bear market. These countertrend bears are really ridiculous.
Order cancelled
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I know it bounced on that entry precisely but I won't hold that, for the longer term, far away target I'm entering at 42-43k (usd).
Dumb money (you'll find this community has some ruthless terms) loves to catch falling knives, always finding justifications to "buy cheap" "buy when there is blood in the street".
And it is also common to see retail traders short sell when something is going up.
A countertrend bear in the case of Bitcoin is someone that thinks he is smarter than the market and keeps selling regardless of the price going higher and higher.
A dead wrong person that cannot change his mind.
Famous Nobel Prize Nouriel Roubini has been bearish on the US stock market since 2009 (the very bottom), he fits the description of Dumb Money. Paul Krugman too.
They are not very smart once they pull their nose out of books.
Trading number 1 rule is "The trend is your friend".
mc_speculator
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100% agreed and have been saying the same thing... get worried if we dip below 30k.
CC_FX
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Trendlines / support and resistance, useless methods to analyse any market price action, everyone draws a different one. the dump is not over and it was not strong enough to shake anyone, trend is still bearish
That said i will skip that, sooner we will see BTC trade below 35k than we will see it touch 250K usd. I will buy more ETH (a proper asset that will flip BTC market cap this year) once BTC trades below 35K.
mc_speculator
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@CC_FX, def don't think it's going to flip BTC market cap this year, but I'm on board with the flippening thesis as well. ETH/BTC pair looks ready to explode
CC_FX
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@mc_speculator, Let's see once ETH becomes deflationary, June / July we will see who is the real king. My prediction is that we will be able to buy it below 1200 USD soon for the last time these next 2 years, if so I will be using all my assets allocated to crypto to buy ETH (highest reward/risk in my perspective.).
I see BTC reach 90-100K middle of the year, not more for now
Just my thoughts, but what do I know?! I'm just bugs bunny :P
mc_speculator
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@CC_FX, would love to see prices back down there and my powder is ready. I am ready to move all my equities powder over as well if we get down there. ETH is the future. Also long 10k ADA and smaller positions in some other projects.
MrRenev
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@CC_FX, I doubt it will go under 35k, not immediately for sure. 40k at most. I'll bet on what happens 90% of the time, not what has not happened a single time yet.