BITCOIN @6750. Any surprise here? Are we ready to call "BUY"? A Statman commentary on the action!
Welcome Steemian friends. Any frequent reader of this blog knows (since January) the 15,000 Bitcoin sell, the buy at 6950 in April, the ensuing sell at 9750 shortly afterwards, the "TRADERS ONLY buy at 7150" and sell at 7550 almost immediately. Since then we have said I clearly do not like this action as SENTIMENT will not allow BTC to punch through 7700 with any significance! Any attemp would fail. We have said this for many, many days. Nothing's changed.
See the chart above which is up to the minute.
I must admit to being a bit of a cheerleader. And that is not so good. We ALL want BTC to begin a big move to 11,000 and beyond. And Steem of course to move with it. The problem is SENTIMENT!!! I learned in all markets you must go against the grain and you better learn how to read market sentiment! Just go to the cryptopages here and see 80 percent of our "resident" expert analysts bullish.
The chart is one thing and shows me a rally likely to take place right about here (6750 approx.) I'm not buying it! Nor am I calling a buy YET! Sentiment is shockingly negative. I asked last week what will it take to turn this bullish enough for me to say BUY. (and believe me I will when the time is right). I must see real fear and capitulation. Will it be 6000 or 3000.?The cheerleader in my said hopefully we can go sideways for a while and build that wall of worry. It did not happen. The narrow trading range had to break, as it always does and I knew a break had to be to the downside when I state.."It will not move through 7700 with any conviction.
I want to point out my Steemit respected friend @heyimsnuffles. He has been "spot" on and deserves recognition. He has a great technical feel for BTC and has mentioned the alarming "sentiment" indicators.
There is going to be a great buying opportunity. It does not have to be much lower. However the timing to me is 4-8 weeks out. I hope you stay tuned as we have called this market "on the money" since my first market post.
Thanks for visiting...your UPVOTE is appreciated.
I will just keep waiting. I have no hurry.
exactly...thanks..
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Volumes clearly showed the Sentiment you refer to but some of these prices are too attractive to pass up. I’m looking to scale into some positions soon.
You can scale, they are attractive. But you should wait for anpuke lower. That snap below 6800 was peanuts to a 20-30% down day. Then you start to scale.
And you may very well be right..I just want to see a good uptick in the sent. indi. We may have a real good buy not far below. (looking at the chart.) thnx.
I will be hear reading about it when the time comes! Have you taken a look at the SBD/Steem ratio? I was wondering if you thought that steem would fall below SBD and if now is the time to stock up on SBD. Thanks
I think you can soon buy can soon buy SBD. I do not see why Steem would fall below SBD. And when Btc turns I believe Steem will as well. thnx.(.And it does not need to be that far below current levels.)
That is what I thought too. There was a point a couple of months ago where SBD shot way up above the price of steem. I think it had to do with the introduction of things like steembay. So, I did know if the introduction of things like SMT would have a significant impact.
Thank you for your continued support of SteemSilverGold
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You betcha @yankee-statman we may actually get a move here to move the “sentiment” indicator we are talking about. Can you imagine the day that the trending page is 80% bearish? Have to start measure and mapping it say by day. Need the 15k buyers to puke it up ;)
P.S. I just scrolled through and once you get past the 10-12 “New Bloodbath” posts you see nothing but rainbows and bitcoin higher it seems like. Great Post!!
It's going to be very interesting. At 50 % bearish you "may get" a great opportunity. Usually the put/call ratio's on equities needed to get near 1:1, or actually slightly more money going onto puts than calls! thanks again for you fine work and support!!
👍👍👍
Great post @yankee-statman ! even though it saddens me...😩😭🙈 When Will I Be Happy Again!? 😢upped earlier now resteemed!I wish I could afford to buy some BTC soon!
STOP