Don't be an idiot and short the cryptomarket
I originally posted this as a trading idea on TradingView.com on September 13th
People advocating shorting are one (or more) of three things:
- New traders who decided that right now was the best time to short (probably because they have been in painful long positions).
- Trolls.
- Malicious.
Regardless of what fancy schmancy theory you trade, just use some logic:
Does it make sense to short a market that is already down 80% from its all-time, which is also the calendar year low and is below the YoY low?
Does it make sense to short a market that has been in a consolidative accumulation pattern since late February?
Does it make sense to short a market that is, today, just beginning the season bull phase?
Lastly, does it make sense to short a market that has lost over 70% of it's value 13 times in its very short history, only to rally exponentially higher each time?
No, it does not make sense. Do not listen to the ignorant, new or malicious traders who suggest shorting this market - it is dangerous and foolish.
The Google machine was really pushing some negative Bitcoin news items this past week too. I half expected to see prices crumble a bit, but the contrarian in me thought prices would jump. Looks like we are getting B right now (and there is probably a sentiment indicator correlated to Google news...I should look into it!)
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STOPIts really foolishness shorting the market now that its standing up tall again...
Great encouragement for me, thanks @captainquenta
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I can't agree more with you, but shorters will gonna short no matter what! They are just looking under their feet, hope they enjoy the pennies they are making .
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STOPVery true.. Thanks
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