This week on the podcast profile we listened to episode #77 of the Crypto Street podcast hosted by Crypto Dale @cryptodale, Crypto Whale @K1llerWh4le and Prince @13Prince31. They talked with special guest Sicarious @Sicarious_ about whether the latest bull run on the 17th of July indicates the end of the bear market.
The general sentiment between the four of them was that confidence is returning to the market when Bitcoin went up $2 billion and blew through the resistance at $6800. It was a pump that had Bitmex record its highest 4 hour volume since it launched in 2014.
I think this bounce is bringing life back into altcoins. They went up 20-30%. It gives assurance that Bitcoin is not yet going to down to $3000, which makes traders feel a lot more comfortable to make plays in altcoins. A lot of altcoins were sitting on or under supports for a long time. This bounce is that they needed.
Sicarious is a full time crypto trader who entered the market in 2013. He said the bull run in 2013 began after a capitulation which led to a quick bounce, which then went sideways for a while before steadily grinding upwards. Although the recent bounce is a much needed sign of confidence in Bitcoin, he still isn’t sure if the market has hit the bottom for of 2018 yet, since the bounce of 2013 was a much more drastic confidence-move compared to now.
Dale, Whale, and Prince all speculated over two recent events that may have had something to do with the bounce.
- Mastercard has a new patent that could allow for cryptocurrencies to be spent on its debit cards.
- There has been a proposal for a Bitcoin to be approved as an exchange traded fund which has started to cause a positive stir for crypto enthusiasts.
The conversation then turned as Dale, Whale, Prince and Sicarious discussed what they have learnt from trading in the previous year that they want to take into the next bull run. This is the advice they had to give:
- Don’t look at the profits you could have made if you played all the right moves because it will get you down over something you can’t change.
- How you feel about the market has a lot to do with how long you’ve been in the market and how successful your buys and sells have been. Make sure you look at it from different perspectives especially if you’re feeling low.
- Many people get a little bit smart about something and think they’re a genius, so they stop learning. Don’t do that.
- According to OG (Original Gangster) traders the market cycles are getting faster and faster. You can’t be complacent.
- If you start to get an ego because you nailed a few good trades then the market will quickly bring you back down to earth. You have to stay calm, cool, and collected.
- You have to trust your gut instinct. If you’re feeling euphoric in a bull run and it’s feeling too good to be true, then it is probably time to take your profits.
We’ll end this review with the wise words of Sicarious as he said:
Even if you’ve been in the space for a long time, you’re still a noob (newcomer). Nomad, an OG trader who’s been in the market since the beginning of Bitcoin still considers himself a noob after all these years.