IMPORTANT: My intentions are not to spread FUD, but to share my knowledge and help to build awareness.
Lately I've heard number of opinions coming from over optimistic youtube influencers (and some of their followers) that SOON we are "flying to the moon". Apparently this "rocket" is ready to fly up already. Please allow me to share my own view on current situation.
The Crypto market has been bleeding out heavily lately and more FUD has been spread around us. Latest news may be very disturbing, especially those coming right from India (which turned out also to be FUD, but damage is already done - I recommend to do some more research).
Just two days ago the market seemed to stabilize itself when Bitcoin reached a level close to 8k usd. I've read number of opinions, that this may be our "bottom" and soon market will be growing back again. As much as I would like this to happen, I believe we are going to test another "bottom" very soon.
Pretty much whenever the price of bitcoin and other major cryptos are growing, it has to be supported by steady volume growth. That's just plain and simple. If the price is flying up but it doesnt have support from a growing volume, then I would expect that this movement will not last very long. It is important to understand that.
In order to understand why market is behaving the way it does, one need to understand that it's february already, and for those who dont know why is it such an important time of the year:
Lunar New Year is coming. Chinese, Koreans, Vietnamese, Chinese in Malaysia, Taiwan, Singapore etc. itd. -> to them this is much bigger than the Christmas season are for us.
I can hardly imagine that many of them would be bothered with the following news and trading for next 2-3 weeks. This is not the time. This is time to get closer to their families, go to las vegas and do some gambling, pack themselves and go to Thailand for holiday etc. itd.
I would like every each one of you ask yourself a question:
- would you be bothered to check news and updates soon before Christmas knowing, that it's the time when many politicians and governments are finally trying to find a way to control and regulate this market causing so much FUD?
So do I believe that market will start moving upwards? Definetly not yet. This is obviously just my personal opinion which I like to share in believe, that building awareness and understanding is what we all need.
If you disagree then please share your thoughts.
And let me underline: I AM NOT AN EXPERT.
This is only my own personal opinion and I hope my post has been helpful and will allow some of you to get prepared for whatever the future will bring.
ps.
In my next post I will focus on Deepbrain Chain (DBC) - It is currently my favourite crypto as I believe this project is worth at least making some solid research on (idea behind DBC is blowing my mind).
So stay tuned for my next post! :)
Cheers,
Piotr Leib
Damn it get out of here you damn bears.
Bring back the bull market.
xd! soon