Are we perhaps looking at one of the greatest corrections in history? If this parabolic pattern carries out, we may be looking at a monstrous retracement of somewhere between 80% to 97%. We are far overdue on our correction, with both a bigger elliott wave soon closing out, with a smaller elliott wave within that wave, and now with the parabolic pattern on the outside.
Give this two months and everyone will be screaming that they were correct about Bitcoin being a bubble, and that's when we buy - at ridiculously low prices. Time to get our own garage to store all our lambo's.
Hey. I just wanna point out that earlier bitcoin crashes of 60-95%. Had a parabolic run up lasting just 10-30 days. This time it's been running up for 6-9 months, with small corrections on the way. So i wouldn't expect a huge correction like that, more like 25-40% correction.
tchat
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@naturex, Thank you. Someone is failing to take the global dynamics currently at play into account. BTC's no longer toy money, it's arguably the foundation of a new global economy.
GudUtenTruser
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Hey, don't be so rough, @tchat. If you're here to comment, please do so in a less passive-aggressive manner.
Thanks for the feedback, @naturex. This is the publication of an idea, not actual investment advice or anything else. I appreciate your constructive comment, it's definitely something I forgot to take into consideration indeed.
I appreciate all messages from everyone, but not if they're only here to hate. We're all here to learn, and I'm definitely far from perfect.
naturex
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@GudUtenTruser, No worries, you're atleast seeing the dangers when the chart is going parabolic like this. I had a simillar views thinking it would maybe crash. But then i noticed the time this curve has been playing out + the small corrections. Which is why i now think that a crash is always possible, but 20-40% is more likely. Good luck!
tchat
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@GudUtenTruser, Accepted, my apologies, no offense intended. But do you really look at a chart with a single arrow from near-7K to $800 as adding to the TA conversation? I'll kindly suggest that there are larger ideas at work in the cryptoverse than Lambo acquisition. This is not as passive-aggressive a comment as it may seem on its face. There are some really big ideas going on in crypto that have the potential to positively impact everyone on the planet.
GudUtenTruser
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@tchat, I totally agree with you concerning that statement. I apologize if I overreacted a little.
Of course, Bitcoin is not only a money-hoarding platform; that lambo-line was purely to add a little humor to my TA.
But a TA is a TA, it's a technical and not fundamental analysis, so there are going to be some factors left out, such as the impact from the CME group and other great happenings. I don't believe my TA is that incorrect, except for the fact that I should have accounted for what @naturex said, that we've had some minor corrections underway.
I will take this as a constructive critique to start including more fundamentals in my analyses, such as surrounding affections.
tchat
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@GudUtenTruser, No, you were right. I was kind of being dickish. But I wasn't making a right or wrong call because, obviously, I can't know that. However, I think we are all pretty sure it's a much more complex market than "buy $800, sell 7K, rinse, repeat" (see, dickish...), and all of those fundamental news clips get baked into price so they can't really be considered entirely distinct from TA. I think the way the internet works, it all gets figured in as we go. What makes it all interesting is that there is no straight-line scenario, and there's money to be made on the way up and on the way down.