Some people following me might have read about the Nokia example. Well it was here all along. The name is disgusting, it was 1 of the few I didn't try in the long list of results. No wonder I wouldn't find the right chart.
Posting this idea as BTC because I want more than 3 views ;) Plus it is the one currently in an echo bubble.
First let me repost the railway bubble chart: There was 3 echo bubbles, with the last 1 going higher even.
I do not think this is very likely with Bitcoin, facts point to going the sugar & Nokia route.
Typical echo bubble death...
Let's look at the log charts:
Sugar extended down 1.236. Nokia 2. An extension of 1.236 on BTC would bring the price to ~ 1000, 1.618 would be around 600 bucks.
My favorite part, the linear charts years later:
MoviePass, oh what an awesome scam:
A couple varying examples:
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Like every bubble at the top ...
Long interest on Bitfinex is 72%. There are 2.55 times more bulls than bears (or hedgers).
Sentiment is very bullish still...
THis is what happens when sentiment changes, obviously
I think it's the same story with the other echo bubbles, and also the stock market at the peak in 2007. Of course this info is very hard to find, especially for the past. Maybe impossible in some cases. There are some unknown bubbles of the past that are only mentionned in 1 book once and never elsewhere ever. Some really big deals. Simply vanished from history...
History is wrote by victors. And losers like to forget. They like to avoid the ridicule (cowards).
Go type "how much can I make as a daytrader" in a search engine thought, and you will get 1 million results including hundreds of people wanting to help you make this happen.
How I see it, Bitcoin has 1 more month. It will get to 3k before Halloween.
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I used to say moving averages crosses were stupid and didn't matter, but I was told by Bitcoin bulls that with crypto it did and I was delusional. So this means the death cross will be of great importance. (Self fulfilling prophecy...)
BTC moving averages are getting close...
Remember, comparing crypto charts to stocks and commodities when it points down is ridiculous because this time it's different. Perfectly ok when it shows the price going up thought "It's like the internet, Apple and Amazon went up 5000%". When fundamentals are bad, then looking at the funds is bad an only TA matters. Right now Bitcoin chart points down. Fundamentals, reasons for the uptrend are Bakkt & the golden cross. Bakkt went down the drain, and the golden cross is about to get cancelled. Gosh, I wonder what the bulls will hang to next. Both TA & FA say we go down. Maybe look at some obscure open interest chart that says "institutions are accumulating"?
I read that noobs tend to have confirmation bias, were delusional, always looking for reasons to be right. But this is just beyond ridiculous.
Well, for starters, Nokia can't be used to buy something. You are talking about two completely opposite assets.. comparing them is like comparing a horse to a cell phone.
MrRenev
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@BankofEngland, This time it's different!
BorisPoff
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@MrRenev, yes, this time and the last time, horses and cell phones were different. Literally. One is made of meat, the other is made of metal and plastic. There are many other differences. I suggest looking them up in a wiki.
Also, either you are super desperate for Likes to post in bitcoin or you just made an honest mistake and misclassified it under BTCUSD.
You need to learn from your own mistakes or you are doomed to be making 360 degree circles and keep moving in the same wrong direction.
photinoman
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Good job. Sugar and Nokia definitely have a lot in common with Bitcoin. You nailed it! I also found out that the goat market in Afghanistan correlates pretty well with Bitcoin. Definitely we are going to 100$.