If you’re a technical trader, you don’t need to pretend to understand a narrative.
Your only job is to follow the money flow, and as long as you’re making money, who cares what the underlying fundamentals are.
We’re in the business of making money, not to sound smart to your friends at parties.
Outside of the sector and basic drivers of all the cryptos we’re analyzing on a daily basis, we have no idea what a good portion of the cryptos we’re buying do. If it were any other way, we would no longer be objective technicians following the money flow.
In most cases, we only begin diving into what they all do after we put on the trade, and it’s mostly for fun.
Take Helium as an example.
We were buying this base – it was offering us defined risk vs reward and was showing clear relative strength breaking to all-time highs much before its peers.
Months on, we’re seeing a growing narrative that Helium is a substantially disruptive technology to that of legacy communication companies like AT&T and Verizon.
Is there something here?
Our answer: Who cares?
We participated in this trend, and now that it’s multi-bagged, we’re seeing all this attention and a growing narrative.
How about the US Dollar, the sworn enemy of Bitcoin maxis and crypto junkies?
The truth is that if you didn’t throw a title on this chart and advertised it as a micro-cap crypto, the crowd would go wild over it.
People like to throw all these cryptos on a pedestal, but we should really just treat them as more stocks.
They’re all the same markets with the same drivers – supply and demand.
If you’re a technical trader, you don’t need to pretend to care about the underlying.
All you need is to follow the money flow.
To do anything else would be counterproductive.
Every weekday, we’re publishing our thoughts on the entire crypto landscape, so if you’re not already on the list, be sure to check out our 30-day risk-free trial to get our daily notes.