The Fortune Tellers
It's been ages since my last Leofinance post, life is keeping me busy lately but that doesn't mean I haven't been watching the market. If you have some skin in the game, watching the market is a must.
If you've been watching the market, you're aware of where we are right now. Where we are heading is unknown to everyone though. Analysts usually have at least two scenarios and some traders are also trading both ways, depending on where the market goes.
They say don't try to predict the market as the market just is. I live by this statement as it's best for me. Candles are printed every minute and you can always see how things stand, even though the direction could be uncertain at times.
The Fortune Tellers
Today I came across a screenshot I made at the end of March this year. I found this chart very interesting, even amusing if you like and you can see why.
This is what I said in my blog back then.
I'd like to believe they know that they are doing and even if we won't get these numbers, the results will be close.
I'm saving this prediction and follow the evolution. Let's see how things are going to work out. Till then, keep investing 🤑 source
Price Prediction Today
The estimation you get today is a little bit different, if you know what I mean. The highest price I can see here is $70k, but then again, who trusts these predictions? Having the first one just 3 months ago showing some unrealistic numbers, sprinkled with hopium, it should be enough not to trust any.
Reality Check
The media has a huge role in crypto price evolution, no question about it. Influencers and famous people have the power to move the market with one word. We've been there, we've seen it. It can happen in a split second as people are trusting them even after getting burnt. Fear selling or fear buying can drive up and/or down the price any day, no one can change that, sadly.
I've seen posts with so called risk management plans, which said take profit in July, August, September and maybe October. Having a plan is good, they say any plan is better than no plan actually, but let me disagree with that. A bad plan serves for nothing. That plan saying taking profit in July, August, September and maybe October may have seemed smart for those who are less familiar with how the crypto market works but it sure seems useless now, when there has been an 50% correction and there are chances the price can drop further.
The Plan
So predictions like the one at the beginning of my post are nice to see, it gives you hope, lets you dream about getting rich, but that is just about all these do. Nothing more.
The only healthy option to avoid getting rekt is to learn the ropes and be your own banker. It is becoming more and more obvious that the old economical system has failed long time ago and waiting for others to make you rich is taking you nowhere.
BTC at $31,300 (at the time of writing), ETH at $1,860 may seem a good opportunity to buy, maybe the last one to get these assets at these levels, but only if these levels hold and we're never coming back to these levels.
At the moment things are very uncertain, if this level is lost, we could go to $29k region, even lower. For long term hodl-ers it's ok to accumulate slowly, laddering in, lowering your entry price by DCA but if you're eager to make a profit short term, you have to know what you're doing as listening to influencers is equal to gambling in my opinion.
I don't know about you, but I'd rather be angry at myself for making a mistake by not sticking to the rules than listening to someone else and losing half of my capital for example.
So be careful out there, there are a lot of scammers, influencers get paid for pump and dump, so the profit and/or the loss is yours, so is the responsibility to make the right decision.
Posted Using LeoFinance Beta
