The Green Candle Effect: Why Crypto Traders are Optimistic Again

I've not seen a single industry like crypto where people shows different colours after every hour/day and week because this is how quickly market is moving all the time.

And after a terrific second quarter all crypto did was crash down and liquidate everyone just to go back higher again which is happening now.

So people are already becoming bullish and going longs on the altcoins like before without taking any lessons.

---

Green candles are Music to Ears in Crypto

Everyone hates a downtrend in crypto because it's always harsh and kills the vibe but the exciting part is always green candles means when market goes up again and people are making profits.

If you've been liquidated in a downtrend but than you see green candles on the chart.

_{Image by Awassaya Sakornbut from Pixabay}

What you're going to do 99% of times is deposit more money and start trading the same way you did before and after making two three good trades in some day you'll forget about you got liquidated a couple days ago.

And than market will hit on your head by going down again because you thought you're too good at trading but it's too late and now market will just liquidate you again.

So, this is what it means when I said "green candles are music to ears in crypto" and many bad traders or actually worse one's follow this.

Now it is happening again

From couple of days crypto market is doing better and becoming green on the chart which has brought many people back in the game like I said it worked as music.

_{image byCsaba Nagy from Pixabay}

And now most of people are longing their altcoins because chart looks good, this bull divergence and that Technical analysis tweets are everywhere again.

I believe more on fundamentals than technicals and the market is going higher because of these reasons:

• ETH ETFs trading going live
• US election soon and recent trump incident
• Germany capitulated on Bitcoin

The biggest bull sign I was looking for came when German government ran out of bitcoin.

Any institution or government selling bitcoin is always a bullish thing because market only go high to tell them what they did by selling was a mistake and germany is going to regret about selling bitcoins in the future.

Bullish on Bitcoin Make sense, leverage on Altcoins is madness

I'm monitoring the activity going on behind the charts sitting in random telegram bots than on X and coinglass to monitor OI.

And all I'm seeing is people are longing Altcoins with confidence.

It's fine if you've press on long button at bottom but if you're thinking to play with leverage on Altcoins than it is going to be good for 3-4 days but than you'll be trapped till liquidated because you were late to take action.

I'm getting notified about people longing Altcoins so frequently that makes me feel like market will go down just to liquidate late entries and trap more shorters.

---

Wrapping Up...

In the end I do believe this quarter and the upcoming one will be a golden opportunity for many of us. We've seen enough of consolidation and downtrend worse than FTX time.

Now positive things are making good impact. Any short term downtrend like market goes down tomorrow should be ignored in my opinion because now is when many people will be on sidelines, will sell all by a little dip because of fear and market will continue to make highs only.

Feel free to share what you think about it and how you see things doing in the comments.

fin.

Your support is much appreciated. Don't Forget to hit Upvote, Comment and Re-blog.

_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 16/07/2024.

Posted Using InLeo Alpha