So Bitcoin made a swift recovery yesterday and you bought what you thought was "the dip", believing that the BTC price would hit $98K in 2 days. Seriously?
The S2F model is nothing more than one of many probabilities. The only ones who benefit from hypes are traders with huge capital at their dispense. If the market is truly "that" simple to read, there would be no losers. Nor would there be winners in this zero-sum game where futures an options are dominated by whales.
The media fan the S2F hype to sell news and the guy behind it bought the fame, became arrogant and blocked everyone that tried to put some sense into his make-believe prediction. His biggest mistake was to put a date for BTC to achieve $98K and now he has to bury his ego in the sand.
As technical analysts, we do not tell the market what to do. Our only job is to read the real fundamentals (price movements) and make assumptions based on the most probable outcomes (because there are always several) but when we realize the fundamentals have changed, we must be nimble enough to reassess our target and switch to Plan C or D rather than sticking to that one plan and block others who share a different opinion.
The S2F model is nothing more than one of many probabilities. The only ones who benefit from hypes are traders with huge capital at their dispense. If the market is truly "that" simple to read, there would be no losers. Nor would there be winners in this zero-sum game where futures an options are dominated by whales.
The media fan the S2F hype to sell news and the guy behind it bought the fame, became arrogant and blocked everyone that tried to put some sense into his make-believe prediction. His biggest mistake was to put a date for BTC to achieve $98K and now he has to bury his ego in the sand.
As technical analysts, we do not tell the market what to do. Our only job is to read the real fundamentals (price movements) and make assumptions based on the most probable outcomes (because there are always several) but when we realize the fundamentals have changed, we must be nimble enough to reassess our target and switch to Plan C or D rather than sticking to that one plan and block others who share a different opinion.
Comment:
Watch out for a fakeout as the larger megaphone pattern plays out.
