Note the date
I don't think I've ever predicted a bull trap in the market. I'm always aggressively bullish. Only up! This one seems pretty obvious I guess.
Don't fade the Scarlet Which!
Literally minutes after the FED confirmed they'd be raising rates 75 points, the markets started gaining volume. However, this wasn't dumping volume, it was pumping volume. Too many people expected 75 point hike. Too many people were trying to maneuver around it in the exact same way. By the time the announcement came down the event had already been priced in, and then some. Thus, when the announcement did come, we got an instant pump of users being like, "Wow, this isn't so bad." and jumping right back into the thick of it.
I give it 2 or 3 days.
The New Moon is... today... bearish cycle starts today. However, we likely have to give this snapback another 24-48 hours before the market actually starts deflating. Maybe I'll sell some crypto tomorrow. Maybe not. Doesn't really matter either way as I gamble with very little of my stack these days.
I mean... who knows.
This upcoming bearish cycle might not be that bad, but I can almost guarantee Bitcoin isn't going to break $25k. Way more potential for downside than upside at this point in time. Then again, on the long-term we have a trendline sitting at the "insane" price of $38k that will be at $51k by the end-of-year. Does it really matter if we buy in at $24k or $18k when the price is going to $50k+ in less than 12 months? Not really...
It's also very hard for me to personally sell when I'd be selling Hive. The upcoming hardfork is very impressive. We got a game coming out (plus Splinterlands development). We've got the Speak network. LEO is making moves. HBD stability was just tested and the outcome was the best one we've ever seen. Kudos to Blocktrades and Smooth and everyone else for putting in the work. Liquidity on the internal market has never been higher (a visible increase from 100 HBD orders to 500 HBD), and we are turning attacks against our network into profits for the network. Such crazy developments.
Basically anyone who has the privilege to hold should do so. Trying to day trade this ridiculous market when it's so oversold is just silly. Yeah, the economy might be in shambles. Whatever. As long as I can pay bills I'm good.
Conclusion
You know I thought I had more to say about this but I guess not. Keep stacking, but don't expect this market to turn around until interest rates have cratered back to 0% (or at least tapering has begun).
I said there's no way BTC will go above $25k in the next two weeks. Obviously tomorrow it will spike to like $25050 before crashing. Market loves to prove me wrong. It is known.
The bull trap is real:
lol, nuff said.
Lately I've just been flopping BTC and Hive back and forth as price changes, so no matter what the market does I think it'll be fine.
I buy a fix amount of money, eveey month! No care about the price, i care more to be relaxed! In long term i would have for sure some earns! I dont dream a Labo, but i am trying to found a way to win the enormous inflation! Nice article pal!
DCA wins
nice work
if Maren says it then it's true
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Wow most times you are too bullish for me.
This time I agree. I think 25k-27k range if the market goes full moron into the rug.
The market is now a voodoo market.
Volume is sky high and people think that's the bottom...
Crypto and finance influencer: "you should invest, most of you will miss out".
I know how a bottom feels :D
And because of real world problems, lol :D hopium at the finest.
If people like the dogecoin millionaire guy collecting food stamps, then we have the bottom in.
That's the crazy thing though. Every day people who really don't understand things now have open access to markets with zero fees. That's something we never really had before during a recession and it's going to be interesting how that turns out.
Perhaps Friday we see the big change as people most likely wont want to be sitting on the stocks over the weekend?
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I wish I knew jiw to read the market some more... but for kow, I'll just keep stacking and holding.
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That bloody scarlet witch...
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Hehe you are totally following the same people on CT as I am. Cautious here at the moment, don't think it will be up only from now on...tranquilo!
which one is that?
Pretty sure this could be a relief rally taking bitcoin possibly up to 35k+. There is one more big dump coming however
I think he is referring to Ragnarok, although splinterlands has also announced that there will be a new tower defense game in cooperation with splinterlands
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More and more people are starting to think of crypto as some kind of protection or separation from other markets. Like crypto can somehow protect from inflation. I guess the same people would probably have gambling addictions if they didn't have crypto.
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I'm just stacking for the future. I have no intention of selling. DCA as best I can. While I don't have much YET... my portfolio is built from money I can afford to lose. So this helps motivate me to hodl.
Too many people see crypto as a get rich scheme. Some more people will join that number as the pump & dump occurs, unfortunately. I agree with your prediction.
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Bull trap indeed... may extend further than expected but that will just make it even more powerful...
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