Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

It’s dead.

Death by covid. Bear market, sure. CNBC know what they're talking about, It's obvious.

I don't even get WHY markets dump because of the news.
What do you do with all the fiat after selling your assets?
Or is it more about "sell before everybody else is selling, to get in again after everybody has sold"?

Last weekly candle was well in the red. So I think this is just people selling because they think the expected dump might go deeper because of the covid news. Any hopes of last weeks candle being a bear trap are gone. The dump goes on.

Dump? What dump? This tiny -10% setback will disappear on a yearly (even monthly) graph dwarfed by the enormous multi-10k daily candles of December! Cool

Don't mindrust it now, brethren... Cool

Mindrust was quite a bit more than 22% or even more than 50% depending upon the price point where such dumpening is counted.. and surely he dumped his BTC in a quite unusual macro-market situation (peak of march 2020 liquidation event).. and I am not trying to excuse him, but just saying that this is not even anywhere near that but our correction/drop is surely greater than 10% and even more than double greater than 10%.

Agreed, I think we need to remain more conservative over the use of "doing a mindrust". It's reserved for bear market bottoms, or otherwise post crashes, significant ones of at least 50%+. Dumping after a 22% correction from ATH is no where near this concept. Mindrust dumped at a 80% correction if not mistaken, from the $20K highs to the $4K lows. I'd argue that selling at $30K after a 50%+ correction would be doing a mindrust, even if not completely obvious at the time, but not at current prices.

Bare in mind that mindrust's dump came after Bitcoin moved from $4K to $14K and it was a break-even sell. There was no money lost if not mistaken, only potential profit. One key lesson to learn from this experience is not just dumping at the lows as being a bad move, when price is oversold and at key long-term support, but not taking profits when price is up 3.5x is also an error if you feel over-invested.

While not defending mindrust for his manoeuvre, it's worth remembering he didn't lose any $ over this.