Im pretty grossed out by what this market has become lately. Everything is so stupid, everybody is talking about it, Kodak has a scam miner, companies add blockchain to their name and it pumps, KFC has bitcoin buckets. I watched my friends and others disregard my interest and do no research from 200$ to 10k$ and then start throwing money at it, having still done no research, when it hit 15k. The idea that they get to be rewarded for that is why I am very skeptical of an immediate bullish continuation. I am open to it of course but all of this parabolic talk seems like the kind of thing I've been expecting to have to contend with at an actual top. I've expected complacency to come with the most bullish expectations to date, (straight to 100K!). Parabolic, just like Amazon, unprecedented network will have unprecedented behaviors and unprecedented access to the world. Well there actually is a precedent worth noting, it happened in April 2013. But this is a different market now! Maybe... I guess we'll find out and this chart can serve as a measure of just how different the market is now. We're all gonna be rich!...........................
The proportions are very similar relative to the main upper trendline, both as an extension for the trendline break and as a fib measurement of the whole move. Had I been paying better attention to this chart I might have gotten a better exit than I did. Been watching it for a long time. I bailed at 16k and fumbled some coins around in the chop for a while but I've booked my gains for this rally. I'm open to this going higher here but that would mean I have to take the same investment position as people who have no idea what this shit even is.
Here is a zoomed out version:
I put neutral because I honestly don't know or want to act like I do. I just know that bitcoin punishes hard.
The proportions are very similar relative to the main upper trendline, both as an extension for the trendline break and as a fib measurement of the whole move. Had I been paying better attention to this chart I might have gotten a better exit than I did. Been watching it for a long time. I bailed at 16k and fumbled some coins around in the chop for a while but I've booked my gains for this rally. I'm open to this going higher here but that would mean I have to take the same investment position as people who have no idea what this shit even is.
Here is a zoomed out version:
I put neutral because I honestly don't know or want to act like I do. I just know that bitcoin punishes hard.