What Does A 22k BTC Mean To You?

An hour ago, I published a scheduled post from yesterday about whether or not the recent pumps are genuine bullish moves and not bull traps.

After publishing the post, I headed over to thread about it and I saw there was new developments in the market. We’re looking at a 22 BTC!

Technical analysis and sentiment both contribute significantly to market direction at different phases of the market cycle.

In a market like this one, deep inside a bear market when people have lost 80% of their net worth on paper, they tend to throw technical analysis to the side and be human for a bit by moving according to sentiment. As you already know, this most often than not, doesn’t end well.

But at this point, sentiment or not, bull trap or not, I’m fully convinced we’re out of bad waters yet. My conviction honestly is not backed by any Technical analysis, but solely based on sentiment. But if you watch the recent market, I’d say it was controlled more by sentiment- the FUD and less by technical analysis.

Maybe I’ll do amateur technical analysis when my adrenaline comes down enough for me to look at things from an analytical point of view and not sentiment. For now, I’m putting my money where my mouth is and going full bull campaign.

Even as I wrote this post in the heat of things, we’re still pumping at a little over 22k. In my post an hour ago, I mentioned how the next strong volatile movement in the market will play a big role in whether we’ll sink back down or reach newer heights.

This new pump suggests that bulls are gaining ground and that the hope has given rise to new believers throwing money back into the market. This is just the opinion of an amateur though. Like I previously iterated in my earlier post, this could still be a setup for a big bull trap leveraging on hopes for relief in the market.

I’m honestly even considered leveraging the recent pumps but my last experience with leveraging and futures didn’t pan out well. Quite the opposite, actually. But I don’t want to be the reason why this hopeful bull turns to the downside, because every time I try to ride a market wave, it flips the moment I hop on. Lol

So yeah, whether this bull is what we’ve been waiting for and not some bull trap that is in play to wipe out hopeful bulls is not entirely certain in my opinion. And with regards to this, I still stand by what I said in my last post. I stay out of the market in these kinds of situations until we can break and hold a significant level. The significant level is where my amateur technical analysis comes in, which I’ll be doing after threading this post out. Lol

For now, let’s stay hopeful and take small profits as this what seems like a bull runs. Even if it isn’t the bull we prayed for, at least we get to take a bit of profit after several months of continuously sinking.

Stay safe out there!

Posted Using LeoFinance ^Beta