Possibly to my own detriment, I follow a lot of bears on twitter. Yes, some of them are just trolling, but there are some who are respected. That being said, some, in my opinion, need to learn to be quiet. I mean, they are the opposite equivalent of those who say BTC is going to 1 million before Christmas comes around.
ccn.com
One such bear, even though he would never call himself a bear is Peter Brandt, and he is warning us, if you will, that BTC might retrace all the way down to $3000 very soon. Maybe, it's no surprise that he is saying as much, since he was calling for BTC under 1k when it bottomed out around $3200.
The point is that the ominous language can scare a few people off their positions, and it does bother me a bit. Now, I'm no implying that weak hands should be aided, not really, but that the community holds these voices as oracles when their track record is not great at all.
I should end by saying that it's not that I find TA useless or anything like that. But more so that the cryptomarkets as they stand today, are more driven by news, and that these doom and gloom scenarios because TA says so are just silly.
I do think, and this is just my opinion of course, that it's not a bad idea to hedge out of BTC slowly as the bulls start to get tired, but by now means do I think we could ever go back to 3k. That train is long gone, and anyone saying otherwise, more so without a date, is just selling you some bovine excrement.
MenO
