Ever heard of the word “fakeout” in crypto?
Well, I know many of us haven’t and this a scenario that occurs occasionally in the crypto market when this happens you are left with two options to choose either you believe you are on the righteous path of getting extremely rich or you are the path of getting broke, embracing poverty.
People who trade constantly must have experienced this scenario when green candles start moving well giving you high expectations that your trade or crypto token is going extremely well or it’s going to spike or one would say “to the moon”, then you start pricing cars or making calculations of how you are going to spend the millions of dollars but just have you finished calculating or organizing your dreams, a sea of red candles floats around your screen waking you up from your fantasy.
However, it doesn’t necessarily start with a green candle, a fakeout can begin with trades or crypto tokens crashing down drastically. Imagine opening your screen after a short break or waking up from sleep and seeing your coins or crypto market crashing down, that’s something one can’t bear to see or experience but just as you are about to see what’s happening or what you can salvage out from the dip then suddenly you see it pump back up to its original spot or price.
A general summary of the word “fakeout” in crypto is the market playing tricks on you, giving you false hope when there’s none or day into a nightmare.