1 sat \ 3 replies \ @k00b OP 11 Jul 2021 \ parent \ on: What are your favorite Bitcoin newsletters? bitcoin
Yeah I can feel the hypnotic pull of that stuff too, particularly when its good news lol, but was curious if it was something else.
Fascinating to see the disconnect between fundamentals of a crypto/stock and the price action created by market movers and how it seems to follow so many mathematical patterns. Makes you want to be a trader but then you remember 90%+ or whatever just lose money and the bigger market makers are out there with the big money and algorithms designed to liquidate you and steal your bitcoin. Alluring but probably more stressful than a day job.
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It is really entertaining to hear people weave plausible narratives explaining price especially with on-chain metrics. It's also comforting - someone possibly knows why these things are happening and it's not so complex that it's practically random.
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I've found the problem with on-chain analytics is that it seems to be almost all moon-boy price action porn. No matter what happens (outside of large shift in bitcoin to exchanges) it's used as an excuse to justify 1 million dollar BTC by X date. Certainly works to drive clicks on youtube, along with the O-face on the thumbnail.
Actual TA seems more grounded in reality as you can sort of understand how the biggest market makers are strategically moving price action on the way up and down to bear and bull trap people and steal their bitcoin in the most profitable way possible. Hedge funds etc have huge advantage until they end up on the wrong side of a /r/wallstreetbets play haha.
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