Sunday musings...
Most people right now:
they don't believe in bitcoin
Well, more for me, then
#haiku
It does seem like the market is getting a little exhausted. I think the folks who got in at the bottom have likely all sold now. I’m not sure where the increased selling is coming from that’s holding the price down still. I’m not sure how much longer this will continue, but I definitely don’t expect it to remain a trend after April of next year due to the halving.
The selling is coming from people who bought around $16k and around $24700 and have waited so long for a breakout that is not coming as expected. Bitcoin took some lows(liquidity) around $24700 and by expectations from technical stand point, that was enough fuel to see Bicoin hit the $36k region. But as that have not happened and Bitcoin continues to compress in the ascending triangle, some people are giving it a second thought that maybe, there will be another appreciable down move before the much expected bull run.
Yes. Good luck with those down before up expectations, including how low that you are placing your bets.
No BIG deal to have some "down before up" buy orders out there, as long as you are not necessarily feeling any kind of expectation that they are going to fill.
It seems that in the past few weeks, I had posted in another thread and disclosed that I had around 2.5% of my total BTC allocated investment funds that are in cash, and so currently, I have BTC buy orders all the way down to $13k-ish, but I really don't expect anything to fill lower than $24k-ish.. but sure if some of them end up filling lower than $24k, then so be it, but I don't expect it and I don't even want it...
This is the exact flexibility I aspire to achieve as that is how to maximize opportunities. This also agree with the statement that "no one is sure of anything", so we plan for all possible scenarios.
Also, it seems that the odds are becoming greater and greater that we are not even going to get a revisiting of the 200-week moving average, which is
currently at $27,203.
Sure, the 200-week moving average has not shown itself to be impenetrable, but it still well me be the case that we are moving back into more normal times.
This is correct and the same views I also have... price may not see huge downside from where we are. Any serious fundamental released at this point is enough to start the upward move. Many people are of this opinion as well but the concern is if the patience to wait for the market, to do what it would, is there. There a saying that market have a mind of it's own and does not care what anyone thinks. So, we are limited to make the best guesses and allow time prove us right or wrong.
In my opinion, I don't expected any deep drop in price anymore. That era is gone and soon volume will begin to increase as well as the price.
That's the spirit!!!!
I am glad that you moved away from the earlier doom and gloom in your post, but we know it is good to be prepared for either direction, which surely is a thing that is possible to accomplish.
I am learning and growing and one sign of it is the ability to adjust my views when presented with plausible reasons and evidence.