Your next installment of the WTF series
I made these 2 prior insights relating to the usage of the expletive term "WTF" by traders in social channels:
WTF..will it continue? (published Sept 6 2018, when BTC had very recently crashed from over $7.3k to about $6.4k)
WTF..will market continue..again? (published April 12 2019, when BTC had pumped from about $4.1k to over $5k a few days prior)
As explained in these insights, there is the possibility that a burst of "WTF" usage in response to a dramatic price movement could be used as a continuation indicator for the market (for BTC at least).
As I said in the first of insights above, "This could make sense from a counter sentiment point of view; "WTF" is offen used as an expression of surprise, so if the crowd is surprised the price has made a move in a certain direction then maybe it is now surprising it continues in that direction :) "
(note that there is this typo: where is says "..maybe it is now surprising.." should have been "..maybe it is not surprising..")
After each of the above insights were published, the market did in fact continue in the same way. for the first one up, and the second one down. As an indicator..so far so good. Now, let's see if there has been any more spikes in "WTF":
The first interesting spike we see above is the one already reported on in the April 12 publication linked above, and since the the price continued in same direction (up). And with this continued upward movement there was yet another spike in "WTF" on May 11. And what has happened since then? Well..it went up again.
As you may already noticed, there were a couple of spikes of "WTF" on June 22 and June 26, in reaction to the last rise. Since then there was a price dump but it did not (at least not yet) drop as far the the prior price level, and we see that with that dump there was no spike in "WTF". So, who knows, maybe the price will not continue down.
So I ask you, would it be too far fetch to suggest that, taking into account the June 22 and June 26 spikes, and the lack of a spike in the recent dump, the price can now rise to a new level in this overall rally?
Please check the 1st insight above for more historical data showing a number of other example. This could of course all be incidental. It's a fun and experimental idea and the experiment is not over, not concluded. So DYOR before using this for a trading decision.