My goodness, how far we've come from $10000!

Believe it or not, I believed that I had sold off all of my stash that I bought at $10000 when I saw whalealert's warning.

I however didn't realise that I had bought about $250 worth of Bitcoin and sent it to a cold wallet, which I haven't looked at till today. I sent that there to fight the urge to sell at $11000(which we unfortunately never reached) and now my investment is worth ½ less than what it was in February.

I'm pretty pissed because I can't sell that stash now, so I'll have to wait for Bitcoin to hit the bottom before I can make any serious moves.

But guess what? I don't know where the bottom is!

And no one does, in reality. Why? Let me explain.

"The bottom" should be defined as a level of support, beyond which no buyers are willing to part with their money to purchase the commodity, although it might seem like a good deal. There are sellers within the market, just not buyers.

I know, it doesn't make sense for people not to want to buy something that's being sold on the market. But think about it for a second.

If the buyers see that should they buy at that price, the carnage of the downtrend will continue, and their positions might be devalued by 50%, would they be willing to buy?

Even though the seller has agreed to take his loss, he can't find any buyers willing to buy at that price, because they want to protect their initial investment. Which is the aim of trading anyway.

Many people on twitter have called out "the bottom" lately, only for the price to comfortably pass by through these bottom prices.

The crypto market had matured by 2020 to the point where it obeyed the laws of technical analysis to a fault. It retraced at retracement levels. It bounced off strong supports. Strong resistance levels held it down.

Now, it's back to the former old playing field of before, where Bitcoin just does whatever it wants. Emotion is trading right now. The professionals are out the window.

Having support and resistance on your chart is a waste of time. Fib levels? What fib levels? Bollinger bands? Are you insane?

Bitcoin is back to its volatile old self. While that's a good thing(it's flushing out institutional money), it's also a bad thing, in that many people lost money.

In all, the bottom is as clear as black line in the fog. Ignore anyone that tells you otherwise and set your buy orders where you feel the price will never fall to. Who knows? That might end up being the bottom.

Thanks for reading!