Let's see if history repeats itself. Bitcoin charts will probably become legendary for bubble patterns studying, for the next generations of economists and traders, and why not Bitcoin users.
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I want to add i am absolutely not a permanent bear or a doctor doom type, i am just studying if the same scenario is about to happen. We might have bottomed - i do not think so honnestly We might not have bottomed - i do think so honnestly This conclusion is according to the study of every bubble pattern since the History of economics and the study of the previous Bitcoin bubbles. But why not, cryptocurrencies might create new type of patterns that manage to suddenly counter break a bubble crashing pattern in the midst of its crashing process, i am open to any type of possibility.
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let's see how the beast evolves
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fibos still valid as accurate resistive lines
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Bull trap still the most probable scenario so far.
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I will leave this archive wide open for you Joes, in case we have incoming new bubbles in the future. This works in 12h charts. Pure coincidence? You decide, and do whatever you want with it. Enjoy.
I appreciate your analysis. I do think that there has to be some MAJOR FUD in order to go down to like 5k.. The last time was CFTC hearing along with fear of Bitfinex / Tether issue
UnknownUnicorn995432
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@deliciouspodo, there was no FUD for months after the chinese ban in 2014, yet the market continued a slow downward trend.
This year belongs to alts and air drops. The ICO method to steal money is failing....
deliciouspodo
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@doctorkesh, I disagree. There were countless FUDS: Korea FUD (Part 1, 2, and 3..), Tether FUD, India FUD, CFTC FUD, Binance hacked FUD, g20 fud just to name a few..
UnknownUnicorn995432
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@deliciouspodo, I don't think we are on the same page. I was talking about 2014. After 2014 Chinese 'ban' and Mt Gox fiasco in February 2014, the market continued the downtrend for around 18-22 months.
What you are talking about is 2018....
The above charts are comparing 2014 with 2018 here...
deliciouspodo
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@doctorkesh, Sorry, I wasn't thinking straight :p You're right. Continued downtrend is probably possible without major FUD. But many people argue that "it's different this time" due to the massive media coverage that crypto has received and many more parties wanting to buy in. Judging from how whales have generated some sort of B.S. FUD to drive the public to sell at important junctions recently, I would expect some FUD if we do go down below 6k
Giovi6969
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@deliciouspodo,
No need of having "fud" to see a market having a decline
It can have a slow and long decline due to many reasons, loss of interest, loss of trust, too low volatility, too risky to trade, ...
Bubble patterns always end up having a decline period with a period of low volatility at low values (which is a 99% buy signal for long term investment)
Acel
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Solid proof of why "popular" ma strategies are pure BS. The average Joe uses them so there is no surprise. "Working as intended" .
Giovi6969
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@Acel,
Thank you for your comment Acel
Every popular strategies can be tricky, sometimes the simple strategies and simple lines can be the most efficient ones
Smma were complete troublemakers in the 2014 crash, i will add to my crash market folder how this 2018 market evolves, print and stick every Bitcoin bubble pattern since it exists on my office wall, with written above it "never forget"
I never forgot the 2000's dot.com, so i always remain very cautious
Acel
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@Giorgioversace, i dont use them... I use very few and just for confirmation. There are so many different type of mas, you cant just use one simple and lagging ma. If you like them so much i would suggest learning more about the cloud. Its by far more consistent.
Bullish scenerio
Bearish scenario