There is a lot of trader sentiment leaning in both directions strongly. There is a lot of noobs bullish, and a lot of pro traders saying a retest of lower fib levels. There is a wide range of players spanning from black to white on this.
Some people are pro but roll with the noobs, other are noobs and roll with the pros. This is the hive mind that drives BTC price.
Nobody knows who will win. Lets all be honest. We've already tried going both directions multiple times, which shows the market is undecided and confused. BOTH SIDES are valid, therefore.
The only variable that changes is TIME. Time creates PATTERNS.
Therefore, patterns and time decide which way the market goes, because they are the only thing that is changing. If there was news, this would change the price. If there was an approaching deadline like EOY, that would change the price, but that is along the lines of TIME.
Which of these can tip the scales of the balance? Which of these can decide the outcome?
Most likely patterns. Patterns are starting to emerge which almost guarantee a move to everyone who knows them, like an emerging triangle or flag. XRP probably plays a big role in deciding what happens, since it is the one that pulled the market up, although surprisingly.
Another option is a fakeout. Again, this is an emerging pattern. It tries to retest the fib level, then reverses and cause a massive rally, converting all pros who were waiting or were too late. This tips the balance. A bear trap.
Lastly, there is time. Time might convert one or both of the sides. Then, it becomes a question of who has the most resolve. Naturally, since it's overextended, and the bulls are more emotional, and the pros are doing the preaching, the bulls will give in first. The bull's argument is that the price is going up. If that isn't happening (sideways) people stop listening to them.The only way they win is if they use the emerged patterns to breakout and convert the other side, or if more people join their ranks, most likely from the news (but it's not mainstream, and not really huge news until >$1...). Beyond that, the only other option of winning is to use the fakeout, mentioned earlier. A bear trap.
Some people are pro but roll with the noobs, other are noobs and roll with the pros. This is the hive mind that drives BTC price.
Nobody knows who will win. Lets all be honest. We've already tried going both directions multiple times, which shows the market is undecided and confused. BOTH SIDES are valid, therefore.
The only variable that changes is TIME. Time creates PATTERNS.
Therefore, patterns and time decide which way the market goes, because they are the only thing that is changing. If there was news, this would change the price. If there was an approaching deadline like EOY, that would change the price, but that is along the lines of TIME.
Which of these can tip the scales of the balance? Which of these can decide the outcome?
Most likely patterns. Patterns are starting to emerge which almost guarantee a move to everyone who knows them, like an emerging triangle or flag. XRP probably plays a big role in deciding what happens, since it is the one that pulled the market up, although surprisingly.
Another option is a fakeout. Again, this is an emerging pattern. It tries to retest the fib level, then reverses and cause a massive rally, converting all pros who were waiting or were too late. This tips the balance. A bear trap.
Lastly, there is time. Time might convert one or both of the sides. Then, it becomes a question of who has the most resolve. Naturally, since it's overextended, and the bulls are more emotional, and the pros are doing the preaching, the bulls will give in first. The bull's argument is that the price is going up. If that isn't happening (sideways) people stop listening to them.The only way they win is if they use the emerged patterns to breakout and convert the other side, or if more people join their ranks, most likely from the news (but it's not mainstream, and not really huge news until >$1...). Beyond that, the only other option of winning is to use the fakeout, mentioned earlier. A bear trap.
Comment:
As I predicted, a pattern is emerging and now the market will take a decive turn. Pros are talking about the bear flags on BTC and people are starting to believe them. We’ll probably go at least to around the 6400 level. Look for the bounce on the fib level around there.