Hi traders, let's talk about market psychology.
Something interesting is happening in the market.
Bitcoin has been trading sideways on very low volatility for weeks now after losing close to 70% of its value throughout the course of this year.
To put it differently, Bitcoin seems to be in a textbook phase of accumulation.
Yet rumors of an imminent breakdown have started to spread like wildfire, instilling fear of further losses in the hearts of traders and keeping many on the sidelines or worse, leading some to try to trade a choppy, unpredictable market.
Here's our take.
The "BIG BITCOIN BREAKDOWN" is the new "bearish descending triangle".
It's the irrational fear of a market battered by months of bearishness and pessimism, it's paralysis by analysis.
To quote one trader on Twitter
Low volatility = great time to study.
If you're using this time to stare at $100 ranges all day — you're wasting it.
Remember, the name of the game is "buy low sell high" not "sells low don't buy".
Don't day-trade the chops and start accumulating with the whales in preparation for the next market cycle.
This content is for informational purposes only and does not constitute financial advice.