ROMO
YOLO! THE CASINO IS OPEN.You Only Live Once! That's the sort of sentiment that's driving Gamestop north like nobody's business.
GME share price rocketed only because a bunch of Robinhoods pumped it. Then some guy who builds rockets tweeted about it, and it moved madly more north than ever.
Billions were lost by short sellers, and they then turned long joining a load of other late comers. Price when to 'the moon' and may reach MARS next stop - some say. 🤦♂️
There is nothing of fundamental value matching GME's share price. Market value has hit $10 Billion for what? Nothing. Robinshoods were quite open about it that they just got onboard, driven by FOMO and YOLO.
There is much to be learned in this one. How? Because similar forces are driving the DJI and Tech indices in America. DJI current value exceeds true value by about 20 times.
All of this madness was played out in the Dotcom bubble years ago. We know how it ends. We don't know when it ends. The beginning of the end, is right now.
This is absolutely not a recommendation to invest in this stock.
There is good educational value in watching this stock. New traders would benefit from having a shot, only on Tradingview's paper trading account.
Bitcoin - Weekly update for Sunday June 16th 2019Hello my fellow Bitcoinistas!
We still have a several hours left in this week but I'm going to go ahead and post my weekly update for Bitcoin. For those of you following my work you are already very familiar with this chart. You know when we hit bottom. You know when we broke out of the large cup and handle. And you know when the 20/40 weekly MA crossed. You also know that in last week's update I was calling for a green candle this week that would entirely engulf the red candle of last week. Well, I'm going to go ahead and say that's how this week is going to end. Unless they can crash the price in the next 7 hours or so this week is going to finish green and engulf last week's candle as predicted. What does this mean? I think it means you need to put on your space suit and your helmet, hook up your oxygen, and get ready for the launch sequence.
Let's start the pre-flight check-list now:
1. Bitcoin broke above the multi-week trend-line - Check!
2. Bitcoin came back to the trend-line for a touch-back - Check!
3. The touch-back printed a red weekly candle - Check!
4. The red weekly candle was engulfed by a green weekly candle - Check!
5. The 20/40 weekly moving averages have crossed - Check!
6. The gap between the 20/40 weekly moving averages continues to widen - Check!
7. I saw another segment on TV this morning about Bitcoin - Check!
8. The Bears are shorting their butts off trying to stop this launch - Check!
Ladies and Gentlemen our fuel is 110% and we are ready for take off. Please throttle up main engines and initiate the count down.
I'll see you on the other side of the moon.
BBS out!
In 10, 9, 8, 7,...........................................
For clarity - If you are day trading this does not mean we are running North and never looking back. We could retrace at any time. I'm just saying that "In General" we are fueled up and ready to see new highs in the weeks and months to come. Since I am already long all I am doing right now it sitting back and watching the show.
Bitcoin - From FOMO to ROMO in 2019Good morning my fellow Bitcoinistas!
As a write this post there is a special on Good Morning America talking about Bitcoin, Facebook, etc. etc. etc. The Winklefloss twins are on there saying that at one point they were trying to buy up to 1% of all Bitcoin etc. etc. etc. Their "Ah ha" moment with Bitcoin and why they started Gemni etc.
This ties in perfectly to the title of my post. "From FOMO to ROMO in 2019"
What do I mean? We all know that FOMO means the "Fear Of Missing Out" but my new phrase ROMO mean the "Reality Of Missing Out"
There is a BIG difference in my mind. Fears can be, and in many cases are, unfounded or unreasonable, but Reality is Reality. As Bitcoin continues to gain global conciseness and more and more big players keep buying in, the "Reality" for others is that "we don't have any" or "we don't have nearly enough" or "this is a lot harder to get my hands on than I thought" etc. etc. etc. I truly believe we are at the starting point of ROMO. It may start small but at some point it will accelerate quickly. I'm not talking about traders and people that have been flipping Bitcoin for years, I'm talking about people, businesses, and other institutions. Their ROMO point will come when they have the epiphany that this crypto thing is here, it's real, and it's going to change the world as we know it. At that point it won't be an unreasonable fear like FOMO, it will be ROMO! It will be the new reality for many. They will be playing catch up and competing with everybody else who is also playing catch up in the crypto world.
At any rate, that is my vision for what I see coming soon. Especially when Bitcoin starts hitting new highs like $20K plus. Then ROMO will set in for anybody who starts paying attention to what is going on around them and especially for those people in the world where their local fiat is failing or has already failed.
I am perma-long with only a small amount of Satoshi left on the exchange to play with. I know my approach and goals with Bitcoin may be much different than that of many here. Some people are still trading for or against FOMO and that's fine. I hope they all can put as much Bitcoin in their pile as they can before TSHTF. But for me, I have already faced and addressed my ROMO moment by securing my seat at the crypto table today and into the future. That is and was my objective with the exchange and it is now complete. Anything I do on the Exchange with Bitcoin now is just me farting around for fun with no serious consequences attached.
In other words you can take this post and any future posts with a grain of salt. Whether my charts, my future pattern calls, etc. work or fail I have little to nothing riding on them. Keep that in mind if you chose to compare any of my work to whatever you might be doing.
As a side note, I will make this recommendation to anybody new to trading Bitcoin or any other digital asset. Only keep on the exchange the amount of your total position you actually want to trade. In other words do not use these exchanges as your piggy bank. Get a hardware wallet and keep the majority of your funds under your control. Only put out there what you are willing to lose should another Mt. Gox type event happen to an exchange. Don't risk everything you have by storing it all with somebody else.
And that is my 2 Satoshi on the matter. Good luck out there!
BBS Out!
