''Masturbations'' (or Trading Discerniments) about the Total Coin Market: are we able to ''read'' the market?
Guys! Seems that the whole market is GREEN now!!
Does it means that the awaited end of the correction is here?
Who Knows?
Personally, the last few days I've been observing the evolution of my Crypto portfolio, as usual, trying to Buy The F...cking Deep (BTFD) of each coin I hold...
...Drawing lines, sketching Elliot waves, applying Fibonaccis, looking for Triangles everywhere, flags, pennants and the like...
Well, you know, just trying to understand the ''MONSTER'' Behaviour.
And dude...I have to admit that is much easier to predict the future chances while ''Playing'' on a Bullish Trend than on a ''Bearish'' one...
At the end, if the ''Monster'' does not want to stand up you cannot do so much but trying to ladder your entry points...
And Who is that ''Monster''?
Is it Bitcoin? Nooo, ... It used to be, but not anymore thought...
Is it ETHEREUM ? ... Come on guys! The ''MONSTER'' is the whole
MARKET !!!!
Yes man, I did it... I applied all my, sometimes good, knowledge about Market psychology and people's behaviour and I applied in the Total Market Capitalization from coinmarketcap:
BELOW my ''Masturb...'' , Discernments
- Take a capture of a chart of the TOTAL MARKET CAP, constrained between the last top (ATH) and today:
- Reduce the horizontal side of the frame in order to magnify the vertical one, getting something like this:
- Start applying your ''Knowledge'' :-) regarding the end of the correction:
1. EASY WAY: Identify the typical A-B-C subcycle Correction, like this:
Did the market arrive to the F...cking Deep? Not sure? of course... let's continue then
2. Try to subdivide the ABC correction in order to see if the ''Monster'' has touch or not the F...cking Deep...
- Does it fit with a 5-3-5 Zig-Zag Correction?
- or... maybe longer like this?
Buuufff, hope we are now in the first option, so , 5-3-5 Short Correction...
But, what can we do more?
3. Let's try to find a Pattern:
- Define the upper resistance and the lower support:
- Yes, it looks like the ''Monster'' is playing with those LIMIT LINES... Could we anticipate the next movement?
ABCD
CONCLUSION:
We are close , very close to the end of this correction but maybe it takes a little bit longer...Our "GUIDE" is that line called "RESISTANCE'' and, if the "MONSTER" is able to break it strong enough to overpass $550B we may consider that the BEARS have gone!
WOW! You are the monster!!!! you did it! excellent good idea!
Thanks! Just another masturbating brainstorming of @toofasteddie
I certainly hope so, it was getting dull:)
Very interesting post, you flagged correctly that the entire market seems to move between the support and resistance lines, it’s interesting to see that this might be played by bots !
Bots? well, could be... not sure but, why not? I would better say that the whole market is handle by very big whales instead :-)... as usual...
Bots yes, I think big whales are just setting them up to manipulate prices for their interest.. look at the past Mt Gox story..
Good post, you are a master @toofasteddie, thanks!
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