Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I see some people are talking about bears and bulls? What the heck does this have to do with bitcoin anyhow? I'm a total newb by the way....
In stocks there are "bear markets" and "bull markets."
For an over simplified description:
Bears are pessimists
Bulls are optimists
Bears believe the price is going down
Bulls believe the price is going up
Why anyone who is involved with BTC enjoys being a "bear" is beyond my understanding. Sure, bear markets are a part of the cycle but I would think logically being a long term "bull" makes more sense.
Because it is the way you make money in a bear market like this one for 16 months?
Follow the trend and make money. Don't fight against it.
I get that. Taking advantage of the trend is smart, if you have the ability to do so. But when the price starts to swing the other direction do these same people become "bulls" or do they just stay "bears?" I have respect for those that are bears in a bear market and bulls in a bull market and have the wisdom to see which market we are actually in!
Of course they become bulls but lets not forget we're in an overall 15 month long downtrend. Each time making lower highs. $315 was the top of the "coinbase pump" if we go down from here its still a bear market imo after not convincingly breaking $300 and retesting the previous bottom is not out of the question. Anyone who tells you thats impossible are the same people saying we could never go below
Yesterday was black swan news driven. Technicals were overbought but you had no idea that would happen. Show off your profits though
The 'news' was just the grease for the wheels, its not like these guys were dumping thousands of coins and that's what bought it down. The market was ready for a drop, too much hopium and too many leveraged longs. Was saying for days before we were going down so actually yes did know it was going to happen. Would have at least thought longs would come down but nope we just keep piling them on. Bulls were out of steam and couldn't even break past $300. We're at ~1/5 of the ath and couldn't even break $300 that's a sad state of affairs particularly as were in a bull market now, right? You think I like $50 drops, even if my profits were that on my trading stash my fiat value still took a huge hit.
Sure i said it was overbought. Even i said the day before we would probably dip to the 250's. Clearly the drop was just whales dropping the hammer trying to encourage a cascading waterfall.
What is interesting is that bulls havent thrown in the towel. My guess is they never will and are using bitcoin as collateral for long positions - probably miners. In my mind this is the reason why even at the worst sell off I have ever witnessed down to 160 on finex the long interest failed to collapse.
Shorters are loading up again and will drive us back up into the next assault on 300..and the log downtrend line which lurches towards us with every day we sit in this range. Next price positive good news will propel us through IMO.
Until we break the log downtrend line we wont get a lot of technical traders jumping on board - that is when i consider us in a bull market (bitcoin style).