Normies have to get shaken out of Bitcoin

Incompetent peoples buy when the TV tell them to do so, and sell when price dump.
What would large operators do to accumulate BTC, after the biggest normie-propulsed bull run of the crypto-history ... ?

Let's do an analysis a la Wyckoff. This guy praised the TA of TR (Trading Ranges) to distinguish accumulation from distribution.

First, we can see that the downtrend have been broken: price went above the bearish trend-line:

Now we take a closer look at the post-rally TR:

End of 2017, Bitcoin received a lot of attention from mainstream medias, it fuelled a huge rally to 20,000$. The chart then show the following events:

  • PS, Preliminary Support: a short term support made by notable buying pressure (check the volume). It's an early sign of the end of price decadence.
  • SC, Selling Climax: a bear orgasm. Last as long as an human one. Whales accumulate coins sold by panicked normies, it grants them more power over price. An AR result.
  • AR, Automatic Rally: ejaculation made bears sleepy. Big advantage for their adversaries.
  • ST, Secondary Test: big boys have to test the floating supply. They sell larges quantities to make the price fall: is there still too many normies out there ? The low volume says no. They continue to accumulate and can make further STs.

Scarred gamblers sold their coins to intelligent gentlemen. This lower the volatile supply, thus create "rarity". It makes the trading range tighter.

One day institutional traders will open sizable long positions, and publish random good-looking news to bring back the normies.

Rarity + demand = high price

20% of the people detain 80% of the world's money. It's for a reason.

Note that market leaders can make an ultimate test before allowing the bull-run. The price could momentarily go below 6000$ to deceive the public and pile up their coins. Here are two examples on the daily BTC/USD:

Legal disclaimer: Sue me if you lose. I will go to jail and give  you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it. 

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I think the normies are already gone lol

I think so too.

There are not gone yet my friends, Snuffles says we need the puke!!

Here it is, that trendline, being touched. Short term
Bounce and then lower.

https://steemit.com/crypto/@heyimsnuffles/snuffles-called-for-bitcoin-lower-against-the-trending-bulls-now-what-20180529t012019434z-post

lol that's true, wouldn't be a normie if you held on through the recent bear market

people will always be greedy at the top and scared now when we bottoming

Normies are getting priced out every day. I like how you said 20% of the people control 80% of the wealth. I like how the volatility is subsiding and a strong support line is being built. HODLers and whales always win in the end.

BTC and crypto in general is so different from traditional trading. Many people are waiting for a psychological number to start or get back in. I think this number is $10,000 for BTC. A shrewd investor would see value in this market and get as much as they could get now instead of waiting for the market to go up.

As a person who went into finance as their career, I find the norms of the crypto market fascinating. There is so much good info out there, but people still act/trade in a way that doesn't make any sense. Too much short-term thinking.

Old investment (Rothschild fortune) advice: "... buy when there's blood in the streets ..."

While this market / asset class is new, human nature is not.

So? Still good advice ...

Posted using Partiko Android

"even if the blood is your own." 😉

what if you run out of blood?

buy some

Human nature may not be but the nature of bitcoin will change that when we get rid of the middlemen for good & the people that nurture bad nature...

I'm not much of a cryptocurrency wiz or anything like that, but this article really helped me understand, even some of the complex sides of it :)

Henry

Thanks for sharing

Shares for thanking

I couldn't have put it better myself. The current crypto climate is nothing more than the elite driving fear into the normies. By the time the media is hyping bitcoin, you would have already missed the boat. Take the opportunity now to stock up on as much BTC as possible and some of the other top 10 cryptocurrencies for a bit of diversity. You've got to be brave when people are fearful, it makes total sense to buy when prices are low!

First time seeing your posts, valuable and unique way of anaylsising the charts with psychological explanations + some good humour, keep it up and I'm keen to see your future posts!

Thanks for your comment!

Wouldn't you say that one of the long term goals of Bitcoin is that all normies end up using it?
Bitcoin has evolved into a thing that early adopters and cypherpunks seem to want to keep as their sacred underground community while forgetting that its greatest mission is to topple broken financial systems and create an ecosystem for people to freely transact. That's not to say I disagree with your TA, but we should keep this in mind.

Wouldn't you say that one of the long term goals of Bitcoin is that all normies end up using it?

It's been more a curiosity-backed invention.
For all normies to use it, they'd first have to learn how to transfer it out of coinbase to a private wallet.

cypherpunks seem to want to keep as their sacred underground community

Kind of true

its greatest mission is to topple broken financial systems and create an ecosystem for people to freely transact

20 anti-riot cops can manage thousands of pacified people.
The financial system will not change unless governments (and banks) allow it.

yup pretty sad how people have been so horribly brainwashed over the years

I also follow you, Please you also follow me...

I agree. When you spend enough time looking and trading financial markets, you realize that the same things are happening over and over again. As grandpa Warren Buffet once said, the stock market is a device for transferring money from the impatient to the patient. Same thing goes for the crypto market :)

Yes, patience is an essential skill. For trading and life in general.

I keep on learning a little bit every day but I still don't trade. Just try to accumulate more BTC when I can.

It's a good idea to learn before actually trading.
But you will truly grasp how to manage your emotions when you trade for real.

i do encourage trading, it's a good learning experience at least (trade with a very small portion of your portfolio)

Yes, try trading! I have been experimenting over the last year. Tried different strategies. Lost a little $ - but overall my long-term holdings have made up for it. Trading teaches you what the heck is going on... although sometimes makes you wonder .... What the heck is going on!

Don't make your accounts unrecoverable. You'd lost your money.
You don't want to lose it.

If people die and their account get forever locked, then it's called deflation.

There are two problems I am presenting here. The loss of life, labor,inheritance. The other problem is the vastly inaccurate valuation of the currency. This is beyond simply protecting your stuff. There are a number of ways an account can become unrecoverable. This is tragic on a human level but it is fraud when a currency represents as assets value that can never be recovered, not even by the currency itself. Neither can a calculation be made to account for this unknown loss of value because the currency does not know that those funds are no longer assets, but instead they are losses. The baby boomers are getting old and they will forget about their accounts or where the access key is. These keys are so long they cannot be committed to memory. It can be lost in a fire or flood. This is not uncommon and some accounts have pennies and others have millions. There is no way to even estimate the losses.

Good info, thank you. I'm getting more into Wyckoff, I do daily bitcoin technical analysis updates for anyone that can benefit from following that. Its my full time occupation. Enjoy

Thanks for passing by!

Completely agree. It has been happening though and the hype has died down.

Just do the opposite of what the talking heads tell u to do and you’ll be fine

I laugh when I see people who are afraid of this present situation.
The best thing to do now is to wait and watch the situation, if it goes down than this I advice everyone to buy alot of bitcoin, same goes for steem.

Cyptocurrency will increase in due time, I believe long time investors understands what am saying.

Thanks for this post @toucancrypto

I laugh when I see people who are afraid of this present situation.

Yes, knowledge can tame your fear, when you understand what's going on.

There is definitely going to be up and down in the market that you can't over rule.
Still waiting patiently for steem to get to $2.1
Going to invest fully

thank you for the information, next time may have to be careful

Nevermind all the complicated stuff, all you need to do is HODL!

Holding thru a 70% dump is.. hmmmm... a 70% loss.

It's only a loss if you exchange it, having 1 bitcoin at 1$ and at 10.000$ is the same, unless you exchange it for FIAT. If you are patient enough and just HODL instead of trading you'll worry less and profit more! ;)

Its a great article but th best part if the legal disclaimer.

I like it too 👌

Okay... I guess I'm not a normie... ha ha... but don't forget guys that if we want Cryptos to become the "norm" then we have to embrace the "normies" and hope they are teachable.

i think normies is not almost gone,

Below is the real fact.

20% of the people detain 80% of the world's money. It's for a reason.

Sad but true

Many were saying including me that Bitcoin price will surge after april but that has not happened yet

Hopium is bad 😉

You are right

Interesting post, thanks a lot for your information
Regards

I liked your analysis and understanding about how big guys play and trap smaller guys. Best strategy against these guys is buy when they are STing

Thanks for your comment!

I admire people who can lead the price glad to their sharp intelligence (and billions), I'm not against them 😜

Great breakdown of the last year or so. I've noticed a lot of the normies/general public are disinterested again. Maybe they'll regain interest on a bull run up to $100K :P

Just for your future posts: It's "people", not "peoples".

Thanks, I've always been in deep hesitation every time I wrote this word 😆

Thanks for shared. Expect your new posts.

"broken" downtrend? It's still going down. Sure, the price is manipulated and how else can it be with such a distribution?

It's ranging more than downtrending.
Sell if you feel like it 😜.

Good post. I give you a vote.

hello friend was lost from steemit ..
if you are right the bitcoin does not finish firing since January has remained from 7,000 to 10,000 dollars the bitcoin these is good for those who invests in the short term who are pending when the bitcoin goes down to buy and sell when the bitcoin rises some dollars.

Thanks for sharing!

If they are not gone yet they will be soon.

nice job

I hope btc can recover itself.

True! Thanks for the content. Resteemed.

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Good article

Great article, thanks for sharing. I've smashed the upvote button for you! I think the normies have probably gone after today, but with more and more adoption expect more of them!

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