It is amazing to see how much confidence some people have in their charts and lines drew in an app and how sure they are the crypto market is going to follow their lines. Twitter is full of such gurus and I'm starting to unfollow them. Why?
Because they fail at what they're doing, the majority not all of them of course, and they don't seem to have the balls of coming out and admitting their wrong either. I don't do TA, I appreciate those who do it, because I feel like you need a lot of work and effort to be able to read these charts, but I believe Bitcoin is no longer predictable from that matter.
Neither do alts. Almost none of the narratives that I've read on twitter a few days ago is still valid. None. There were folks saying that once BTC closes above $60,000 on the weekly we will never have it at under $60,000, plenty of them were saying the dominance will skyrocket once BTC passes its previous ATHs and here you have it... it's 42.9%.
I don't see any 55% dominance for BTC anywhere. We will probably never have it again, as altcoins backed by good projects are sucking up capital and the good old times of Bitcoin are gone. Crypto is no longer just about Bitcoin and it's no longer just about trading. It was also supposed that BTC would take a breather and alts would start their show, but as you can see on the charts they all got hammered today.
Nothing that was on forecasts has been accomplished. That simple...
Crypto twitter is also very silent today... Every one is hiding behind their turned off screens and waiting for pumps so they can once again become public with their charts and predictions. The reality is that there are too many metrics influencing the market that fibonaccis and WMAs and whatever they use are no longer predicting anything right.
I simply don't know what's going to happen in the market in a week from now, or tomorrow, all I know is that crypto is no longer a wild west currency/asset. It gains real life use case, leaders of the world are taking notice of it and it's life changing. Blockchain technology and cryptocurrency are probably our last weapons to fight the tyrannical system right now.
That matters way more than any full of drew lines chart for me atm... That simple. Oh, if anyone reading this post has any clue on why has the market dumped(aside from overleveraged positions needing to get liquidated), please enlighten me. I don't seem to find any reasoning coming from the crypto gurus on twitter on this matter...
Thanks for attention,
Adrian