This graphic of Classic Bubble Pattern, it happen on : 1. Oil 2008, 2. Nasdaq in 2000, 3. Chinese Shanghai index in 2007, 4. Cotton in 2011, 5. Waiting list And in every bubble ended the same way: "they all came back down sharply"
Disclaimer : This analysis not include personal feeling/opinion, and pure base on technical analysis, and historical data Trading foreign currencies/cryptocurrency can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
@420snoop, thanks for the sharing so in this case there is no bubble forming yet for BTC ?
Razare2015
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Problem is it formed the same pattern when it ran to 3k. The 3k run was the new paradigm phase, and then it pulled back heftily. I thought it was making a double-top when it touched 3k again. When it broke 3k, I went long. Before this, it has several other "new paradigm" parabolic runs.
"new paradigm" is what a crypto bull market looks like. You are lucky to get a 50%+ retracement, and now that the cat is out of the bag we may have several more "new paradigm" bubble tops in crypto far beyond these price levels.
AzrulAzir
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@Razare2015, explain BTCAUD, BTCCHF and BTCNZD. what happen to them?
Razare2015
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@DianKemala, MtGox happened. It was a fundamental investing event, not something related solely to charting. BTC may have continued to rally in 2013 if MtGox had not occurred. The proof is that the most recent charting at 3k mirrored the 2013 top exactly in BTCUSD on Bitstamp. For that reason I was short. Fundamentals proved to matter more than chart formations, and since no MtGox happened in 2017, we see BTC rally to new highs after forming a very considerable parabolic top at 3k, with what appeared to be a double-top until it broke new highs.
CNBC and the traditional investment world is driving this. They keep hearing about this new tech, and they are dumping money into it at any price. I agree a big pull-back can happen, I expect one near 5k. But after the pull back happens, I expect more parabolic runs higher far beyond 5k in the future. If not BTC then ETH or some other coin. When total market cap of all crypto gets into the 1 trillion range, then I am going to be a little more cautious. Would like to see more maturity in some of the projects too.
Another one is the bitconnect ponzi. The bitconnect ponzi operators are dumping probably 20% - 30% of their ponzi holdings into bitcoin, trying to become a top 30 wallet holder of the coin. Like sure, this is a parabolic top, but it wont be the last in bitcoin's future. Parabolic is the norm in this market.
@Razare2015, nicely shared :-) keep up the good work.
adityadoodle9
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@DianKemala, i will..
you will really need read a news not just a technical.
BTCAUD BTCCHF BTCNZD you post is an MTGOX exchange. however MTGOX is a scam, they said they got hacked and they not.
There is a bunch of news out there about this MTGOX
but as far as i know now the CEO/Chairman of MTGOX have been arrested in japan.
and i still don't know how this guy can payout their bitcoin client,
@adityadoodle9, ^^ yes,.. i will stop posting BTC and ETH maybe for one week to read crypto fundamental.
adityadoodle9
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@DianKemala, NO NO NO ! We need you.
This crypto space is unpredictable. any Major and even a Minor issues it can drive the market.
in the bigger picture i see cryptospace is truly psychological. not a cyclelogical.
and yet we still need a technical analysis.
yet i still believe fundamental analysis is as important as technical analysis.
and there is no doubt you good at that.
keep up the good work !!