Blinded by Emotions or Wise to the Charts!

For those who are interested in this good Bitcoin analysis

"In almost every post I have stated the MOST Important tool in any traders tool box is the TREND! I cannot emphasize this enough. I even posted an update yesterday on how you can trade the trend void of EW and Fibb. They are only add-ons, and not the main tool. I see there are more opinions on the direction of Bitcoin then there are charts on TV (ok i'm old school and someone pointed out this was Trading View and not my 52" samsung). This post is mainly to show how powerful reading trends are. I have been asked numerous questions on price points, what if we get to $4300, what if we get to $4600 does that mean we are going up. These are valid questions, and instead of just providing a yes or no answer I want to show how YOU yourself can determine this using simple trend lines! Yes the TREND IS YOUR FRIEND.

Ever wonder why relationships do not work out most of the time? Why we go through several in our early adult hood phase, and our true soul mate is many times right under our nose? Because you base your initial relationship on feelings, this feels good. Seldom do we look at how a relationship might work out at the beginning, and rush to get an apartment, have kids or get married, only for the relationship to fall apart. This is part of human psychology. Many times after years of failed relationships, we realize that our true soul mate was right there the whole time, and we ignored them because of the emotion called IMPULSE! Yes the impulsive emotion is one of, if not the most powerful emotion us humans feel, more importantly we must learn to control it. How many of you found your life long partner after many failed relationships and saying these words "I'm never getting in a relationship again". Hmmm What you were saying is "I will not let impulsive feelings choose my next partner". This is not only true in dating but in trading as well! But the outcome is the same. Impulsive emotions lead to money losses. Yes I've been divorced twice! So with this comparison let's see what is right under our nose and back to the question of what if.

Looking at the upper right chart if we draw a trend line , it is clearly going down. This is still a bearish overall trend regardless of the ups and downs throughout, much like a relationship. To the upper left, we have the what if scenario. If we get to $4500-$4600 and draw a trend line , it is still negative, this is like one great last vacation before the final divorce. Yes many of you know what I'm talking about. What would make me change my mind? When the trend continues up, or in simple words, make a new high. This means the equity has resumed it's uptrend. This is a very simple chart you yourself can draw and need to if you want to be better traders. But many are in denial that we could ever possibly get back to $2200, how can we as we have come so far. Let's take a look and see what the trend says.

The lower charts are a comparison of bitcoin and gold 0.42% . hmmm, look pretty similar. Many in 2012 thought they would never see $1000gold 0.42% again. Well look at how that turned out by them thinking it couldn't happen! Look to the left, see a pattern with bitcoin . I even drew a box around gold 0.42% and the pattern it made before the great pullback. Look at the upper left chart, see a pattern? Now keep in mind Bitcoin travels at 10x's the speed of gold 0.42% as I posted before. What did the chart say on gold? Right back to the trend line , about $2200 on the bitcoin chart!

So bottom line, we can be blinded by emotions and trade on impulse and feelings, and continue to miss the obvious that is right under our nose. Is it going to happen? Nobody knows for sure, but the charts are clear that it can happen, and looking at the patterns, it is very likely. Once you remove the feelings from your trading you will become a better trader period! Whether a relationship works out nobody ever knows, but the more wise we become, we are able to spot the good ones by taking our emotions out of the game! "

https://www.tradingview.com/chart/BTCUSD/Znz3QG27-BTC-Blinded-by-Emotions-or-Wise-to-the-Charts/