Does cryptocurrency have a predictable psychology?
Not everyone is interested in psychology but it's very valuable in anything that involves people or money. Marketing companies use psychology to make you buy stuff. Governments use psychology to control the masses. Poker players need to be masterful of psychological games to win.
I'm wondering if there is any use of psychology to benefit Cryptocurrency investors?
Cryptocurrency Personalities
If you have been on steemit for the last few days, you’d know a little bit about the drama with @haejin, I hope the whales don’t find my blog somehow and downvote everything. The big whales can destroy your account if there is a conflict of interest. It seems very ironic in a platform that promises no censorship.
Haejin talks a lot about the Elliott Wave Principle, which is a theory that can tell you how the prices are going to behave based on mass psychology. It says that people’s behaviour tends to trend and reverse in identifiable patterns. This works with any trading market including Cryptocurrency.
I was skeptical at first, but then after reading more about it I am absolutely intrigued.
Events and news don't drive the market; rather market makes the news and events. Elliott Waves Principle states that news or events shall arrive to justify the forecast, never reverse - Haejin Lee
It seemed too good to be true, however my gut feeling tells me that I am on to something extraordinary. It’s so beautiful to have some logic and structure for something that looks utterly chaotic and unpredictable.
Learning the Elliott Wave Principle is now my new goal. I believe it is a well worth investment that everyone could benefit from.
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Losing weight based on your cryptocurrency type?
I've been dormant for 7 years
And that's how things are til things stabilized. remember back then when the internet things happen and how they tried to destroy it. look it at now it basically a necessity for every house to function well.
Thanks for the comment, I see what you mean
I've been really intrigued too. Up to the point where I'm also thinking about learning more about it. I love when things are logical and it seems so crazy that this could be something that could be predicted, as you said. Which is probably why it's so interesting. Seemingly random actions having some sort of predictability!
I suppose it's kind of like chess or other gaming if you think about it. Instead of predicting "best possible moves", it's predicting the psychology of buyers and sellers.
I really like the way you put it, that's essentially what it is. The good thing is half the work is done which is trying to figure out a system. We only need to know how to apply it perfectly now
Yup, exactly! I suppose that's the fun part.
Nice post @lifeaef.
I think there's no reason why Elliot Wave can't work well with cryptocurrency trading too. The crypto markets are different to stocks/forex in at least a couple ways though:
Given the above, it may be prudent to employ wider stop losses and set more optimistic targets.
What you say does make sense @acelad. Thank you for the advice, I'll keep it in mind
Everything is predictable to a certain point, from then on it is purely based on speculation :)
yes I guess you're right, it's a good tool but not a perfect one
thanks :)
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