Hi fellow Steemians, fellow investors, traders and crypto enthusiasts.
Today I was looking at the charts and as usual was drooling over them. Then I got this feeling. Wow, this is actually happening. I'll explain.
Before, when I was obsessed with Forex, I used to gaze hours upon hours at Forex charts. It was my first experience ever with trading and a lovely, though sometimes frustrating, learning experience driven by pure obsession.
I remember at first seeing other people's analysis and finding it just fascinating how the price of a given pair would be drawn to a resistance or support line that they would plot on these charts. You could see that something was happening around that area. The price just acted differently than at other levels and it really stood out.
Then I started analysing the EUR/USD (while learning technical analysis). As time went by I started seeing certain characteristics in the way that it moved. Then I started analysing other currency pairs. That's when I realised that these pairs seemed to have their own "personalities". The longer I looked at them the more I saw how different they were.
I would consider a currency pair to be a living entity. One that has a heartbeat, bringing in the current state of that pair, and is driven by the masses, banks, institutions and governments. Apart from this, it has an age. That would be the amount of historical data available for that pair.
Back to the present.
Cryptos are young. Very young. So they do not come with an extensive history of price movements. So to an extent, we as yet do not know what the limits are, where the price should or could be. What we see now in the crypto world is like a kid that ran too fast and fell. Huge bullish movement followed by a correction. It's also a bit like seeing evolution in action where the market is learning it's limits and changing. When I say market I mean all the people buying and selling that crypto as a single entity.
Apart from this, we can see a sort of survival of the fittest in beast mode. There are so many of them, and more coming out every week through ICOs. It's probably going to be a bloodbath in the next couple of years with cryptos coming and going with only a select handful really standing out from the crowd. The name of the game is mass adoption. So let's change "survival of the fittest" to "survival by mass adoption".
We are currently in an amazing time in which crypto has been born and we have just scratched the surface of what could be.
Keep an eye on it because it is going to be a spectacular ride.
So fellow Steemians, investors, traders and crypto enthusiasts. Hope you enjoyed the post. Do you have your own opinion about this? Let me know in the comments.
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