olivernash

BTC still correcting the way SHCOMP did

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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As per idea from last week, BTC is still following a correction pattern similar to that of the Shanghai composite index three years ago.
This update remains the same as the original idea with only a slight alteration of the price oscillation curves. Full idea in linked chart below.
If you look at btc history, the run up from $2 to $250 led to a major correction down to $65 and then a tight range around $120
(From memory)
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whoisthelorax whoisthelorax
The tight range was for months I vei
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whoisthelorax whoisthelorax
*I believe
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OMG... is BTC promised to a boring future then ?
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@bobume, No, very unlikely. Bitcoin is very volatile and governed strongly by supply and demand. If there is another surge in publicity like last year, with more people wanting to by in, then the limited supply necessitates a price rise. Similarly if demand drops, so must the price. If Bitcoin does follow SHCOMP, then most likely it will consolidate into a narrower and narrower price range until the innate volatility cannot tolerate the restriction and the price breaks out (up or down).
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bobume olivernash
@olivernash, Thanks a lot. Your thoughts are really interesting !
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good analysis
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It would be useful to compare relative volumes too (or maybe plot OBV for both).
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Wow that's actually kind of crazy. Is this on the same time scale or did you compress / expand SHCOMP?
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olivernash sn0wcrash
@sn0wcrash, SHCOMP took nearly two years to have its parabolic rise and correct to the stage Bitcoin is at now. Of course its the world of cryptocurrency so everything can change. The original idea has more info, you can find it in my ideas, under:
BTC: Almost everything is 'just another one of those'
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