I have no idea if I will be correct in this analysis, and frankly, am not too concerned because I have no interest in crypto. With that being said, I see a lot of people make charts similar to this style of analysis but do not understand some of the key questions that I have posed on the chart. I believe answering these questions will help you understand where bitcoin is likely to go before it has its much awaited blast off to the moon...
I'm sure there's more but now I really dont care. Haven't traded crypto since the crash really. Aint about to start now...
UnknownUnicorn461520
⋅
@cryptostuffdude, Been over a year... waiting for that screenshot.
cryptostuffdude
⋅
you look like quite the fool right now
UnknownUnicorn461520
⋅
@cryptostuffdude, How is that? "I believe answering these questions will help you understand where bitcoin is likely to go before it has its much awaited blast off to the moon..." Let's seeeeeeeee
cryptostuffdude
⋅
just in case you're not in the know enough to know what a halving is, I'll add some TA critique here, since that was my game, when I still traded commodities.
you can't draw your "trend" lines from mixed and matched bull runs. the second green line should start right at the first "85%" point, if you were consistent.
asking questions as to why something should be important that is merely a result of you basically combining highs and lows that aren't even part of the same pattern, is a strategy from rhetoric, not from TA. it means nothing.
your argument can be summarized as: since the two drawn triangle structures are not completely identical, they mean we're not repeating this pattern down the road -- actually it means "why is this important" i.e. giving you an out to supply divergent explanations for whatever happens down the road.
it's dishonest, lazy and just shoddy TA.
trying to help you here.... so you lose less money in the future
UnknownUnicorn461520
⋅
@cryptostuffdude, if you were actually telling the truth, you'd simple just say... I don't understand this chart. Let me know when you figure out the "what's different" part of this chart and its significance.
LOL a guy that traded commodities that now is called "cryptostuffdude" hahahahahaha
cryptostuffdude
⋅
I won't argue about the chart, since TA is basically meaningless -- a lot of things can be read this way or that. and any argument always ends in splitting hairs and where lines are drawn (I disagree with your lines. but that's not my argument)
my point is something I explained under my chart:
bitcoin is not some tech bubble asset that's for trading only and where TA is the end all be all.
it is a replacement technology. if it wasn't, it'd be dead already.
you can't draw lines and split hairs over the car taking over horse and carriage or the iPhone taking over the old Nokia market space.
it is easy to get lost in the minutia of TA. I don't blame you. but fundamentals matter. in some assets at least.
for example, you're completely overlooking the halving. bitcoin has **always** had an at least small rally after a halving.
supply is split in half, so prices increase.
right after the bull run, markets realize that it's gonna be years until the next halving, so markets tank.
the next halving is in almost exactly 1 year. historically, that has **always** meant that the bottom is in.
TA does not show you this because bitcoin is not a cyclical asset (despite having a cycle... ;) )
classic Keyensian assets are controlled by the ebb and flow, boom and bust of markets. but those come from fiat money.
bitcoin is controlled by a constantly diminishing supply in a fixed maximum supply asset.
bitcoin is the only asset right now (with other real crypto) that is not controlled by money control of the federal reserve.
everything else is. (I had been a system insider in the early 2000s)
this is another reason why it has the volume it is having: because it offers **true** diversification, since it is not coupled to all the other assets, unlike gold, real estate and stock markets, which are coupled.
UnknownUnicorn461520
⋅
@cryptostuffdude, You know I predicted the BTC crash from 15Ks down to 3Ks right?