For example if you look at bitcoin and compare it with previous years I definitely see how the cycle is potentially playing out again. It’s rounded bottom forming, or reversed H&S, we just have to be patient. I don’t do wave counting, but I have been watching it, especially “Ronnie Fattal” he does gold mostly and since I’m invested in gold I watch him some times. Right now I noticed some people who use this method for crypto saying there is a wave coming which will cause the crypto to go a bit lower and than to explode. From my technical perspective I see formation of rounded bottom or H&R in most cases and when you take a look at MACD, it’s so tight, it feels like it wants to shoot up. It’s getting very tight week by week. My prediction is we consolidate for another few months with bumps and dumps based on history. We may as well be forming cup & handle. It all depends if we bounce at some point and break 10K along with 200MA even though the neck of the right shoulder could be even higher now, perhaps 10.5K. The recent sell off volume concerns me, it’s a huge followed by two small green candles which means it’s consolidating before another big move. It may sound frustrating, but I think we are heading a bit lower from now on, since I still have not seen this famous selloff when everyone starts thinking “it goes to zero”. It may not ever happen as well, which I’m hoping for. The sentiment after few days of selloffs is sideways. I can see bolinger band being pushed down. I hope 🤞 Im wrong. I hope underperforming Steem and SYS will eventually over-perform.
I'm seeing pretty much the same thing across the board . . . except for the possibility for much more downside. While it's possible, I think surprises will be to the upside. It's not guaranteed by any means, just that I think the odds are better for more upside from here than downside. That all having been said, I could just as well be wrong as right.
That’s exactly my point. Everyone has this feeling, some may think it will go down, some sideways and some up. We all could be right short term, but one thing is for sure, long term it’s to the upside with corrections. I’m certain you know that corrections are very healthy for any market. Can you imagine if crypto market went up only without any corrections? I don’t think any of us would be able to ride it all the way up, we are humans and in most cases we subconsciously refuse to become rich that fast. I guarantee you most of us would sell it half way and then buy it back all the way at the top. Unfortunately at the end most people loose money when all is done. If crypto rises 10x higher or more, I have no idea what I will do if I’m still in. I will make that decision once we get there, as of now I’m holding with some extra cash ready to invest if we get oversold. Other than that, I’m really happy with what I have.