It is evident to most that the bitcoin bull cycle has started. Begin February a clear uptrend started and has been going on for two and a half months now.
I have been reading assorted analyses that “foresee” a collapse of Bitcoin. Especially these by the MagicPoopCannon author, here. On the 1st of April he has diagnosed a "Doji Star", an indication that a specific crypto, stock etc is about to collapse. Well, that just didn’t happen. It wasn’t a Doji Star after all. For it to be a Doji Star the collapse should have happened immediately after that. Almost a month later, and one ominous post after the other, bitcoin is doing just fine and is going steadily upwards.
Yet another guy (mis)read a "Head and Shoulders" pattern. And that by using small candle intervals, instead of say day intervals, and before it even formed a Head and Shoulders pattern. Mind that both these patterns (Doji Star / Head and shoulders) are indications for an imminent collapse.
In both cases we have diagnoses on symptoms that are not even there. A Doji Star that is not there. A Head and Shoulders pattern that is not there.
What we do have though is people how are doing a hard job trying to influence the readers to sell their bitcoin. It's worth having a look at all the insistent, ominous posts of that MagicPoopCannon, trying so hard to tell the story that BTC is about to fall.
Well, one descent guess is that some people were slow and missed their chance to buy good before April.
My reading is that bitcoin is on a steady uptrend. Right now it’s going up, correcting a little, then up again, and so on.
My guess is that the accumulation period has started.
*** Disclaimer: This post is not advice to buy or sell ***
I have been reading assorted analyses that “foresee” a collapse of Bitcoin. Especially these by the MagicPoopCannon author, here. On the 1st of April he has diagnosed a "Doji Star", an indication that a specific crypto, stock etc is about to collapse. Well, that just didn’t happen. It wasn’t a Doji Star after all. For it to be a Doji Star the collapse should have happened immediately after that. Almost a month later, and one ominous post after the other, bitcoin is doing just fine and is going steadily upwards.
Yet another guy (mis)read a "Head and Shoulders" pattern. And that by using small candle intervals, instead of say day intervals, and before it even formed a Head and Shoulders pattern. Mind that both these patterns (Doji Star / Head and shoulders) are indications for an imminent collapse.
In both cases we have diagnoses on symptoms that are not even there. A Doji Star that is not there. A Head and Shoulders pattern that is not there.
What we do have though is people how are doing a hard job trying to influence the readers to sell their bitcoin. It's worth having a look at all the insistent, ominous posts of that MagicPoopCannon, trying so hard to tell the story that BTC is about to fall.
Well, one descent guess is that some people were slow and missed their chance to buy good before April.
My reading is that bitcoin is on a steady uptrend. Right now it’s going up, correcting a little, then up again, and so on.
My guess is that the accumulation period has started.
*** Disclaimer: This post is not advice to buy or sell ***