Is Crypto Dead?

Here is why I am not bullish on crypto currently. As I have written many of my recent posts, I trade based on emotion. I use what I have seen and experienced personally to use to my benefit. I have made many mistakes as a trader and feel like those mistakes give me an edge in the market. When someone makes money in the market someone else is losing. Emotions are usually tied to money, no matter how unattached a trader is. Most traders look at charts and just draw simple lines and use their technical analysis to determine trades. There is some benefit to doing this but the fact that everyone is looking at the same thing creates a flaw in the system. When I look at charts I see emotions, I see where people are buying and selling and look into why they would want to do either. If you look at these two charts you may see a striking comparison

This is the chart of BTC/USDT from in the beginning of January. If you look at this chart you may see parabolic movement up to the first panic. You then see a lower high. While these two statements would be correct there is a lot more to this chart. What I see is an immediate rush of buyers, I see hype and lack of respect of buying. I also know the emotions involved because I too was caught in this same trade. Buying at 17k on the back side and taking my biggest loss ever around 14k. Not to say that history will repeat its self but as I got burned on the first trade I am not going to make the same mistake on the second. If you take a look at this chart you will see a similar pattern.

I am a longer term holder of Ethereum and I believe that the technology is very revolutionizing. However I do hold a short position for the short term, and here is why. If you look at both of these charts you will see a striking comparison in the charts. Both made a parabolic move higher and both did make the second lower high. I am short due to the fact that I feel like we will eventually see lower prices in Bitcoin which will bring the whole market with it, one of these being Ethereum where many are probably caught looking for new highs.

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Disclaimer: All content in this post are my opinions and my opinions only. My intention for this post is for educational purposes only. Do your own DD. I also have a long term long position in Ethereum as well as a short term short. I am also short Bitcoin.