It's been a long time I looked at the charts and felt optimism. The past year has been quite the adventure, taking us to depths lower than the abyss and positivity has been hard to find.
Alas, in the past couple hours, there have been positive signs in the market. Opening my crypto trading app doesn't feel quite as depressing as it used to be and it is all thanks to a minor pump.
Crypto trading applications are fascinating tools that have a psychological effects on users. The interaction between pumps and dumps have a direct influence on the psych of users.
When you gain perspective, you'll find that things aren't as rosey as the colours in a trading app show but at least the numbers go up. Regardless of the context, seeing "greens" has an uplifting effect and seeing "red" is depressing.
Seeing Greens
I won't jump the gun by claiming the market is on the road to recovery but there are positive signs. Analysts have predicted this momentary relief for a while now but most of them have warned investors to be cautious.
Seeing Greens in your crypto trading application gives you the feeling that things are getting better. Despite months of brutal beatings by the market, your portfolio value starts rising and now you're feeling those butterflies in your tummy.
Well, if you bought the local bottom, then you have every right to celebrate your win. These days, testimonies are few and far but that's the life we chose.
For the rest of us that weren't fortunate to buy the bottom because we're getting rekt, this pump doesn't necessarily represent actual gain. In fact, while celebrating the relief, you're probably feeling dissapointment about the current value of your bag.
Blame Bitcoin
At just above 17K, Bitcoin is on the up and up. Crypto mad scientist at Cointelegraph predict values that climb all the way up to $19K range.
When it comes to Bitcoin, I consider every value below $50K to be underwhelming. So while we're celebrating momentary pumps, it is important to keep in mind that we're a long way from the target but, like I said earlier, if you bought the bottom then celebrate your victory.
It's just like how you won't be seeing people waxxing lyrical about Hive's pump to 28 cents range. It's not like we're not happy, it's just that the dumps of the recent past are still fresh and we know that things could be a lot better.
Still grateful
At the end of the day, you just have to be grateful for life and the opportunity to be a part of the industry. If you're here, you're early and the future is bright.
I don't think we're on the road to widescale recovery, so I won't be making any mental predictions. I won't be calling 17K the new low and definitely won't be planning for any potential pumps.
Over the years, I've learnt that predictions and speculation only exist to determine what direction to lean your cautiousness. It's either I'm cautiously optimistic or cautiously pessimistic, and nothing in between.
Either way, I'm always cautious and try not to create overarching theories about occurrences in the market. For now, I'm sprinkling a pinch of salt on the greens, cautiously optimistic and hoping for brighter days to return.