How to say "I was wrong"
Simple. You do it like this:
I was wrong.
I was wrong about the Total Market Cap bouncing off the support in the $265B region. And even if I was right, the price movement thereafter did not go as I predicted it would.
But if THAT was wrong then THIS may still be right:
In my very first two posts I spoke about Total Market Cap becoming the dominant market factor and indicator, stealing that crown from BTC.
I based that on my (now known to be incorrect) TA at the time, the TA that predicted a market recovery from a double bottom "W" of the Total Market Cap on its support level.
From https://coinmarketcap.com/charts/
Knowing that that was wrong, I must now assume that BTC IS still the dominant factor in the crypto market. It is still more important than Total Market Cap.
This is good news. It's good news because on the BTC chart it has not reached its support level yet, but will do so soon. This will be at or near the support level which I have drawn in on the chart below:
From https://coinmarketcap.com/currencies/bitcoin/
I'm going to be adult about this and learn my lesson. I'm not going to predict a bounce off the BTC support level (which is around $6300). I'm just going to say that anything can happen in crypto.
But were I to predict a bounce and if I were still bullish, then I would say that that level is the bottom. I would say that after reaching that level it should bounce back hard. I would say that crypto will go on a massive bull run, it's biggest yet. I would predict a huge influx of new money and institutional money. I would predict a very positive 2018 for crypto.
But I've learnt my lesson, so I'm not going to say that.
Alea iacta est
Crypto regards
Bit Brain
DISCLAIMER:
I am not a financial advisor nor am I a professional trader/investor. This is not financial advice, investment advice or trading advice. Unless otherwise stated, all my posts are my opinion and nothing more. Crypto is highly volatile and you can easily lose everything in crypto. You invest at your own risk! Information I post may be erroneous or construed as being misleading. I will not be held responsible for anything which is incorrect, missing, out-of-date or fabricated. Any information you use is done so at your own risk. Always Do Your Own Research (DYOR) and realise that you and you alone are responsible for your crypto portfolio and whatever happens to it.
You get an upvote just for admitting you were wrong. Too many people doing TA only let you know when they got it right.
Appreciated.
well said @bobcastleman.
That's the problem with TA, you're going to be wrong 50% of the time, it's a 50/50 guess. Most people conveniently forget about their wrong predictions and only remind the ones that worked...
I don't make predictions for a simple reason, 7 out of 10 times I get it wrong. But the ones I get right I win 20 times more money than the ones I lose, so it's very very profitable. But who would listen to someone who gets it right only 3 times in 10 ?