Bitcoin dips -30%
People’s reaction: extreme fear
Black Friday -30% sale on a new iPhone
People’s reaction: take my money
This is why most people stay poor
They buy liabilities on sale and sell assets on fear, the exact opposite of how wealth is built
You may want to check the 30min, 1h, 2h and 4h TF Bitcoin heat maps, to better understand the context of the current price action.
I mark the liquidation levels and compare them with my other TA methods.
You should use your own TA/trading strategy.
My posts are merely an opinion.
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I would like to give you hope, and 𝗧𝗛𝗔𝗡𝗞 𝗬𝗢𝗨, for being part of the Rigo Community
Drop your USDT trc20 add bellow, like and share this post!
Happy Green Thursday to my awesome followers ❤️
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The support for Elon Musk is MASSIVE
This video has 394k Likes
Elon Musk “You get taxed on what you earn, you get taxed on what you buy, and you get taxed on what you own
And it's like, okay, this is taxes, taxes, taxes. And then what does it get spent on? A bunch of the stuff it gets spent on you don't even agree with.
So that's why we need to reduce the size of government and just spend less money and let the people keep a lot more of their hard earned money.”
The one area I think people are dramatically under-appreciating is time.
When the markets sell off screen time generally increases, and it does so for a number of reasons.
1. Panic/fear of continued sell off.
2. Protection of positions.
3. Overtrading.
4. Trying to time a bottom.
5. Trying to clawback portfolio or trading losses.
Spending more time staring at the charts also shortens your time horizons. Everything starts to feel significant. 5m candles feel like macro reversals, 2 days of green feels like a bull market, a day of roundtripping reminds you the downtrend never left.
When we get into that mode it can be very difficult to remember the macro climate or at least the macro structure in terms of our trend and the general time appreciation that we need to have.
I've used the NASDAQ as the reference point to prove this.
From the start of the selling on the NASDAQ it took 14 months to stop the downtrend.
We are currently in the 3rd week of selling. Not even 1 month.
Those 3 weeks have probably already felt like 3 months to many of you.
From a BTC perspective the last time we lost a major Weekly low it took us 9 months to make a new high again.
And of course we all remember the choppy period in 2024 which lasted a similar length of time.
I have no idea what this correction will look like in terms of length of time. All I know is that absorbing the discussion on Twitter and obsessing over charts shortens the realistic expectations that you should have for any structure shift like we've seen.
Make sure you zoom out, or at least just keep your mentality in check throughout these periods of time to appreciate that you probably have much longer to go in poor conditions and protect yourself during them.
But on the positive side of this discussion, once the market shifts structure again you could have bought 1,2,3 or even 4 weeks late and still ridden a huge new uptrend to big returns.
Don't let the conditions beat you before we're presented with that opportunity to buy a new Weekly high/trend creation and ride our bags into new highs.