CNBC Crypto Trader, Founder Crypto Banter. Invest in protocols that will change the world-give them enough time to do their thing. Tweets not financial advice.
I truly enjoy looking at charts using elliott wave analysis as I have been doing it for over a decade with stocks and options. Many might think I'm crazy to apply it here with $pepe, NFTs and other coins.
EW is based on social mood and market sentiment with a set of fundamental rules on wave structure. I believe social mood is still very pure in NFT and crypto with pure greed balanced with pure fear. FUD vs. FOMO. Human behavior as a whole is what drives prices up or down and I feel its so raw in this market which makes EW charting fun!
My goal is to stay objective as much as possible and be inviting to all comments and feedback. I like hearing from the critics because that is part of observing the overall social mood. I need to hear the FUD as well as the FOMO. I need to hear the copium and the hopium. My goal is to observe whats happening around us and come up with a directionally correct analysis.
Thanks to everyone who has taken the time to comment, whether positive or negative. I don't take anything personally and your comments actually helps in my analysis. And of course if its not clear already, none of this is financial advice and you should not be gambling with what you cannot afford to lose.
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CURRENT STATE OF CRYPTO: I heard from my brother's neighbor's barrista's facebook friend's cousin that they are outlawing crypto. Then, every news outlet runs with this. VERIFY EVERYTHING FOLKS. Everythang.
Testing periods are an important time for traders and investors to watch closely, as it can provide valuable information about the strength of the accumulation pattern.
During these times we focus on:
(1) Price Action; During the testing period, the price of the asset should remain within a relatively narrow range. If the price starts to move outside of this range, it could indicate that the accumulation pattern is not as strong as originally thought.
(2) Volume; an important factor to watch during the testing periods. Ideally, volume should be low during this time, as it suggests that the market is consolidating before making a move higher. If volume starts to pick up, it could indicate that sellers are starting to take control of the market.
(3) Support and resistance; If the price repeatedly tests a support level and holds during the testing period, it could indicate that buyers are still in control of the market. Conversely, if the price repeatedly tests a resistance level and fails to break through, it could indicate that sellers are gaining the upper hand.
If this sounds overly simple then keep in mind that simplicity is a FEATURE, not a BUG.
This game is You vs You.
Learn about yourself, your tendencies, how to protect yourself from your common errors.
Fall, get up, make some adjustments, go back into battle.
Find EDGE and then trade that EDGE again and again and again...
It's not supposed to be easy
‘If only people understood how important it is to be consistent.
Everything that has value in life is a product of consistency.
Success, health, fitness, wealth, friendships, relationships, and all other aspirations are all about consistency.’
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