Okay, I am sorry for this clickbait title and I deserve hell for that! But did you feel that? The second after reading the title, your mind went "Wait what, 82000 would be amazing, wont happen" all in a split second. Even if you don't own any position in BTC you imagined how BTCs rise would help your coin, all fair and natural things.
With todays day and age, since bloodbath™ Jan, we are so eager and desperate with any good news, its truly amazing how the mind works (Insert hidden TA agenda here).
Seeing the Binance news about Binance chain, their version of a decentralised Crypto Exchange, BNB their token shot up 42%, just because the announcement of the announcement was good enough for the market to feel confident.
No details whatsoever about this was disclosed, what is the token being based on? Build on Ethereum? Ox? Something else?
Binance chain is being launched when the entire world and their dog is looking at Crypto and specifically Bitcoin, in a major bear trend. The marketcap of crypto has been shaved from $800Bil to todays #370Bil, that really sounds like a crash and burn scenario, so why would a company so massively successful launch something like this? I will let you answer that yourself.
Lets do TA for what we are seeing today:
Zig zag
There really isn't much to be doing, unless you are a day trader, A good one!, this is very risky, the waves are no more swings, these are't the best times to be neither doing day nor swing trading. In a long time, the best option is either doing nothing or just hodling. The same principles apply right now, there needs to be new money flowing into the system, new people, different people that place money into the system. People need to get hyped about Crypto again, not by price but by technology, and THEN by price!
Here is what I am looking at:
In a zig-zag past 2 weeks, I prefer zooming out every now and then and just looking at the big scale of things. This line is my silver lining, the Optimus prime of lines. This still shows we are doing well and there is nothing to worry about, the market is doing what the market is doing, but all is still well. IF and IFF we break this line, it would be time to admit that something has changed since the past crash and it might be time to rethink the approach of this market. But until then, we are still good!
Looking at that the 10 feet view looks something like this
10 feet view
Still seeing massive support at $8200-8600. Its sad to see that I am not looking at a resistance level, but only support, call it market getting to me, but no matter how big fans we might be of a decentralised crypto future, we can't step away from the fundamentals and choose to not smell the roses. Would update when and if we break that line from the 10000 feet picture.
Oh also, John Oliver talks Crypto (EOS gets REKT)...and you people are worried this industry will vanish tomorrow?? Check that out here
HBO, can you guys believe it? HBO had FOMO, HODL, FUD, REKT, LAMBO .....and MOOON on TV, having John Oliver explaining those terms! Unbelievable times we live in!
Vote, yes? Ok!.png This is not financial advice, all markets carry risks. One should always do their own research before investing
BTC bear flag worries me. There is a chance we retest $6000... I’m really hoping that is. It the case though.
Indeed, there is no telling right but, but as said, if you look long enough...things are looking green!
Coins mentioned in post:
Thanks! :) Will keep that in mind the next time!