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Market Watch: Babyrage

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edicted
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2 min read

Got a nice 15% flash crash just now.

Happened within 30 minutes. Can't be sure what caused it but that won't stop me from speculating wildly.

For the most part crypto news is overwhelmingly bullish...

But...

It's no secret that a lot of people have been extremely tilted over Doge spiking up. It honestly feels like this dumping is extremely emotional and potentially spiteful. "If Doge can pump like that this bull run is over and I'm selling." Of course when big pockets make moves, longs get liquidated and it can create a chain-reaction flash-crash like what we just saw.

I've been saying April is the best month of the year to buy for quite some time now. If I'm being honest I was thinking the price action has been a little "too good" up until now but I just figured "mega-bubble strong". This crash comes as no surprise, and even with this emotional dumping we still haven't created a new local low.

At the same time BTC volume has been pretty low for weeks. This crash ought to wake some bulls up. We might even have to wait till Monday for the stock-market boys to get up and say, "Oh nice, cheap crypto," as is often the case.

Analysis

I think I've turned a corner. I "lost" like $30k during this crash and it didn't even phase me. Not one bit. At this point the result is even comical. Seeing such emotional irrational trading like this during what should essentially be a consolidation month only makes me smile.

Think about who's selling right now. Think about who's buying. The corporate sharks still want more more more and the crybaby Dogecoin whiners are taking their ball and going home. Uh huh, sure... you'll be back to FOMO in at a loss in less than a month, deputy poopy pants.

So what about you? Are you scared? How many times does the market need to flash-crash before we realize we've got diamond hands? Personally I feel like I've finally gotten the hang of it. A 15% crash is nothing. A 30% drop is a common retracement. I'm not worried till I see the dreaded 50%+ drop. Until then I have zero urge to trade this completely irrational market.

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