Reminder that Phemex is running a crazy promotion. For a limited time, all BTC deposits will be rewarded with a generous trading bonus of up to $600! All of the details are linked below in the “sponsors” section of the email. This is the best time to sign up or deposit, until December 22nd.https://phemex.com/a/ScottMelkerAlso, TradingView is running their annual Black Friday/Cyber MOnday Sale - 60% off. This is the ONLY TIME OF YEAR you should upgrade or extend your account. It ends TODAY. They do it every year. You can check it out here. So important!It looks very likely that we are about to break the all time high - a line that eventually will likely be a blip on the radar, a forgotten number in a long history of rising prices. Congrats to those of you who are here to witness it!It already broke on Bitstamp... but not on other exchanges. The joy of trading Bitcoin!The crypto community was in a panic as Bitcoin dropped from a near all time high to prices not seen since - a week before.Human psychology with regard to markets is a study in dramatic emotional swings and overreactions.Two months ago, Bitcoin price being 17K felt like a pipe dream - people were predicting that the market had once again topped out and that 10K would be a likely ceiling. Fast forward a few weeks, and the same price of 17K is causing panic and distress because the community believed the break of an all time high was imminent.Today we are over 19K, a few dollars below the all time high (it just broke on Bitstamp) and at a price that is an absolute truck load of cash for a single Bitcoin. Normal people are finally starting to buy Bitcoin now, when they were disinterested 300% ago. Think about that - people who thought Bitcoin was a scam at $4,000 are buying at $19,000.Markets NEVER GO STRAIGHT UP. There are always dips, always corrections, always emotional swings. I have talked about the potential for a 30%+ dip in this newsletter countless times. Last week's dip was not even close to that large.Luke Martin echoed this sentiment on twitter last week.https://twitter.com/VentureCoinist/status/1332441355533103106?s=20"It's easy to forget that Bitcoin has historically gone through multiple 20-30% dips in bull runs because it's been such a smooth ride higher.The current drop from 19ks to 16ks represents a 16% drop.In 2017 we had 4+ of these moves before price kept climbing."If you were panicking last week, then it's important to evaluate your emotions and figure out why such a small relative drop was so concerning. There was no indication that the bull market was over, from either a technical or fundamental perspective. If you were panicked then you are likely a) investing more than you can afford to lose, b) better suited as a blind investor than trader c) emotionally attached to Bitcoin.How do you combat this panic?You dollar cost average and stop trying to beat the market by trading.With a simple dollar cost averaging strategy as your core medium of investment, you would be buying the dips and looking forward to the opportunity to once again grab slightly cheaper BTC. Drops in price do not make you panic - they make you salivate.You are unlikely to out trade the market. That's why your trading portfolio should be a small portion of your overall holdings - no more than 15%.This is an epic bull run. Don't screw it up. BTFD and hold on for the ride of your life.Side note - I am going to stream live at 11 AM EST today, looking at a few blank charts of the top 10 coins by marketcap, to show how I approach technical analysis from square 1. It should be fun!Join me here:https://youtu.be/LfhB7i8MSx0In This Issue:Bitcoin Thoughts And AnalysisAnother Hedge Fund Is Ready For BitcoinVisa Is Quietly Moving Towards CryptocurrencyReal Vision CEO Goes Long(er) On BTC And ETHLibra Is Making ProgressMy Recommended Platforms And Tools
The Wolf Den #125 - Time For A New All Time High?
The Wolf Den #125 - Time For A New All Time…
The Wolf Den #125 - Time For A New All Time High?
Reminder that Phemex is running a crazy promotion. For a limited time, all BTC deposits will be rewarded with a generous trading bonus of up to $600! All of the details are linked below in the “sponsors” section of the email. This is the best time to sign up or deposit, until December 22nd.https://phemex.com/a/ScottMelkerAlso, TradingView is running their annual Black Friday/Cyber MOnday Sale - 60% off. This is the ONLY TIME OF YEAR you should upgrade or extend your account. It ends TODAY. They do it every year. You can check it out here. So important!It looks very likely that we are about to break the all time high - a line that eventually will likely be a blip on the radar, a forgotten number in a long history of rising prices. Congrats to those of you who are here to witness it!It already broke on Bitstamp... but not on other exchanges. The joy of trading Bitcoin!The crypto community was in a panic as Bitcoin dropped from a near all time high to prices not seen since - a week before.Human psychology with regard to markets is a study in dramatic emotional swings and overreactions.Two months ago, Bitcoin price being 17K felt like a pipe dream - people were predicting that the market had once again topped out and that 10K would be a likely ceiling. Fast forward a few weeks, and the same price of 17K is causing panic and distress because the community believed the break of an all time high was imminent.Today we are over 19K, a few dollars below the all time high (it just broke on Bitstamp) and at a price that is an absolute truck load of cash for a single Bitcoin. Normal people are finally starting to buy Bitcoin now, when they were disinterested 300% ago. Think about that - people who thought Bitcoin was a scam at $4,000 are buying at $19,000.Markets NEVER GO STRAIGHT UP. There are always dips, always corrections, always emotional swings. I have talked about the potential for a 30%+ dip in this newsletter countless times. Last week's dip was not even close to that large.Luke Martin echoed this sentiment on twitter last week.https://twitter.com/VentureCoinist/status/1332441355533103106?s=20"It's easy to forget that Bitcoin has historically gone through multiple 20-30% dips in bull runs because it's been such a smooth ride higher.The current drop from 19ks to 16ks represents a 16% drop.In 2017 we had 4+ of these moves before price kept climbing."If you were panicking last week, then it's important to evaluate your emotions and figure out why such a small relative drop was so concerning. There was no indication that the bull market was over, from either a technical or fundamental perspective. If you were panicked then you are likely a) investing more than you can afford to lose, b) better suited as a blind investor than trader c) emotionally attached to Bitcoin.How do you combat this panic?You dollar cost average and stop trying to beat the market by trading.With a simple dollar cost averaging strategy as your core medium of investment, you would be buying the dips and looking forward to the opportunity to once again grab slightly cheaper BTC. Drops in price do not make you panic - they make you salivate.You are unlikely to out trade the market. That's why your trading portfolio should be a small portion of your overall holdings - no more than 15%.This is an epic bull run. Don't screw it up. BTFD and hold on for the ride of your life.Side note - I am going to stream live at 11 AM EST today, looking at a few blank charts of the top 10 coins by marketcap, to show how I approach technical analysis from square 1. It should be fun!Join me here:https://youtu.be/LfhB7i8MSx0In This Issue:Bitcoin Thoughts And AnalysisAnother Hedge Fund Is Ready For BitcoinVisa Is Quietly Moving Towards CryptocurrencyReal Vision CEO Goes Long(er) On BTC And ETHLibra Is Making ProgressMy Recommended Platforms And Tools