The altcoin market is one that is driven by nothing other than the most potent form speculation. This is a market where 100% of the participants have no objective, other than the getting of cold hard profit!
Are you one of those traders who spends their time buying due to hype and hysteria? …Are you the kind of trader that will sell his entire position due to hysterics and hearsay? … If so, then you have been trading in accordance with what I call “the cries of mediocrity.”
You see, time and time again, I have mentioned just how important it is to ignore “the crowd.”
I have explained that 99% of participants in the crypto market are here to lose, not win, therefore if you follow the commonly held beliefs in this market, you will only be lead down the dark and lonely pathway of deficiency and defeat.
Those who want nothing other than to hit home run after home run should close their ears to the ‘cries of mediocrity’ and instead, pay attention to the treasure chest of information that is supplied on the charts and in the order books.
I find it quite amusing that XPY was being labelled as a “scam” by (again) 99% of the market yet, despite this, there has been sustained accumulation taking place since March 03 – in addition, since the 3rd of March, sell resistance has been at below average levels, and I haven’t even mentioned the fact that on March 03 XPY was sitting at a -95% decline from its January high of 2.3 Million Satoshi.
So, why weren’t you buying?
Did you fall victim to the tirade of negativity that was spread by the most savage (but skilled) traders? If so, then – yet again – you have fallen victim to the exploits of the skilled trader.
You see a popular coin must never be ignored – I have mentioned this on so many occasions, and I know that there are people reading this right now who have not only realised this, but profited because of realising it.
I mentioned at the start of this post that the altcoin market is driven by pure speculation. There is not one coin that has any intrinsic use or functionality that is valued. Therefore, demand is measured in ‘popularity.’
Anyone who understands commerce knows that the more popular an item is, the more it sells.
For example, we see it again and again. In the realm of entertainment, the most popular musicians sell the most records. Similarly, the most popular actors aid in boosting the sales of feature films… Also, the most popular celebrities are plastered on the front pages of newspapers and magazines, why? Because humans respond to familiarity – therefore a magazine that is on the same shelf as a hundred other magazines will stand out to casual shoppers if it has a familiar face (a celebrity) on the front cover – and needless to say, this boosts sales.
Just adding to that, this is also the reason why celebrities who are at the height of popularity seem to also be amongst the most wealthy in their field, they can charge higher rates for endorsements and promotion deals than people who are lesser known – i.e their ‘value’ is higher.
Bringing it back to crypto, it is the same exact script that we see play out in the market everyday.
Each coin only sells due to popularity.
Simply, the larger the audience is for a coin – the better it will perform, regardless.
I mentioned how important familiarity is for humans, so I pose you a question. In crypto, there is a percentage of people who have heard about Paycoin (XPY), and also a percentage who haven’t heard about Paycoin – which percentage do you think is higher?
Obviously XPY has had wide spread coverage over the space of several months, every trader and his grandmother has familiarity with XPY.
So again, I ask you why weren’t you buying on March 03 when all the signals were aligned: 95% Decline + sustained accumulation + low resistance – a trade couldn’t be any more obvious than this.
Clearly you let fear and trepidation get the best of you and, again, fell victim to the manipulation and exploits of the ‘market professionals.’
My overall ideology is that lip-service, hype and hysteria is all bullshit until it translates into $Dollars.
Therefore the bulk of my analysis and research is conducted on the price charts, and in the order books – not in some cluttered ANN thread that is filled to the brim with 200 layers of rectal discharge
The charts show market sentiment in the form of cold hard cash, every other source of information displays market sentiment in the form of ‘absurdity, hype, hysteria, fear and all round nonsense’ – and at the end of the day, cash is king.