I've tweaked the chart a bit from the very first one I made a month ago. Still the same outcome, this just shows the resistance and support lines a line better. Red line is Metcalfe's Law for Bitcoin and where it's user value truly is, anything above it is pure speculation.
@chewner, If you don't know already, there are two more nice overlays here on TV. You can find them in "education ideas" with the search term "economic bubble".
@Matt3Franc3, No, that's your opinion not mine. But if you have reliable evidence for your assumption I'm open for your facts if you're willing to share them with us.
Matt3Franc3
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@EduardZimmermann, Maybe a bearish pennant pattern in a bearish trend suddenly becomes a mega pump, many altcoins have made this pump in the middle of nowhere without any particular news that justifies it? Do you really think that the cryptocurrency market is not manipulated?
EduardZimmermann
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@Matt3Franc3, Thanks for your feedback. I'm not naive but since this thread is about BTC we're talking about the coin with the highest market cap and you need a lot of cash to manipulate the price in either way. For sure this is much easier for low volume coins which are targeted by pump'n'dump groups. Since we are trading in an highly unregulated marketplace investors or shady guys in whatever way can play all the old sleight of hand which were played in the old markets before they got regulated. And still shit may happen despite regulation looking back to the subprime disaster which had a huge impact on the economy.
Anyway, what I'm trying to say is that a statement like "manipulation repeats" is not purely invalid because you should at least try to differentiate your statements so that guys like me (a noob trader indeed when I started and still far away from pro) who joined TV to learn how to protect his invests, read charts and make profits are actually able to learn something when facing decent information. 'm probably one of many and there are some clever guys here on TV sharing a lot of good ideas/knowledge/insights.
Like the crypto market this unregulated social platform plugins lacks some decent moderation or features to filter out trolls etc. I'm not saying you're a troll, it's just an example. It doesn't hurt adding quality in one's statements posted here as a return of the value you can find in this place. With that said I'd like to emphasize that I'm neither religious nor on a mission. (: I just felt like saying this here on TV for once and "unfortunately" it happened here and now. No offense to anyone. I'm just trying to have a positive balance on my personal "karma account" (besides the positive balance on my crypto account). Enough said.
Sorry @chewner for drawing the attention away from your nice overlay.
Successful trading everyone.
Amen & Peace out.
Eddie
chewner
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@EduardZimmermann, personally I thinks it's more of a pattern that repeats in nature and the fact that there's little to no regulation always these patterns to emerge and repeat. Just my 2cents
EduardZimmermann
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@chewner, sure, regardless of the model you use for mid to long term prediction there is no guarantee that this prediction or the approach of this prediction will fulfill. If it would be this easy we all would be champs and millionaires.
One more thing I forgot to mention about manipulation. I found this in another idea. Quote: "60m tether out of circulation last couple of days then put back in right at the pump." I was told finex owns tether so finex was suspected for pumping BTC with their own currency they can create of out nowhere by clicking a button. Plus this was not the first time they did that sleight of hand which I find highly unethical since they rip off their own customers holding BTC shorts. The bad thing is that you really can't do anything against this. Not using tether and not trading at finex won't help because those who earn profits on finex and never got ripped might not care. They feel superior until they fall on their own. There is just no humanity when it comes making profits. We're all in a pool full of sharks trying to spot their fins.
I must admit I haven't researched on my own about the degree of truth behind this suspicion. It sounds plausible somehow but this doesn't mean I blindly believe it.
Cheers,
Eddie