Bitcoin's Flying Circus
Updated
No no no, that's enough TA pointing us down to 2k, the whole premise is silly and it's very badly written.
Right so take a look at the above chart, that's right, it's everybody's favourite digital currency compared against everyone's favourite economic disaster, the Great Depression! Wahey.
So you can see i've colour coded key events in the downturn in addition to rough areas of resistance levels that capped particular phases of the correction. Can you see where things look similar? Good, now completely disregard absolutely everything you've just seen.
Primarily this is of course a slow market day with a lot of uncertainty so I am quite bored and decided to do a drastically over-simplified side by side of 2 complex events. However there is a small point to this, I previously highlighted my mild annoyance at some basing their analysis on the performance of Bitcoin in 2014 and we are still seeing it today 'this last happened here so this means 2 year bear market' and so fourth.
I have attempted many side by side analysis before but you always come down to the same pit fall, that if you want to make a pattern fit something else then you will pour through charts disregarding everything that doesn't work, until you find something that does and then apply it to the bear or bull case you are making.
I have said before there is of course a place for comparing charts and patterns, but if there is one useful take home from this waste of your time it is that patterns do not have to repeat, there is a vast array of fundamentals and other indicators that need to be considered. Especially when you consider the lack of useful data on Bitcoin (unless of course you believe that a market with a daily volume in the region of 6,000,000,000 behaves the same as one with around 20,000,000...)
I will post a brief update shortly on my other idea of how I feel we are likely to move, it might seem slightly apocolyptic on tradingview at the moment but just remember the truth is that all myself and anyone else can do is postulate on ideas and give possible scenarios, nobody knows the answers for sure and the more that someone insists that they do know all the answers, then the more cautious you should be.
So that's all really, as you were.
Right so take a look at the above chart, that's right, it's everybody's favourite digital currency compared against everyone's favourite economic disaster, the Great Depression! Wahey.
So you can see i've colour coded key events in the downturn in addition to rough areas of resistance levels that capped particular phases of the correction. Can you see where things look similar? Good, now completely disregard absolutely everything you've just seen.
Primarily this is of course a slow market day with a lot of uncertainty so I am quite bored and decided to do a drastically over-simplified side by side of 2 complex events. However there is a small point to this, I previously highlighted my mild annoyance at some basing their analysis on the performance of Bitcoin in 2014 and we are still seeing it today 'this last happened here so this means 2 year bear market' and so fourth.
I have attempted many side by side analysis before but you always come down to the same pit fall, that if you want to make a pattern fit something else then you will pour through charts disregarding everything that doesn't work, until you find something that does and then apply it to the bear or bull case you are making.
I have said before there is of course a place for comparing charts and patterns, but if there is one useful take home from this waste of your time it is that patterns do not have to repeat, there is a vast array of fundamentals and other indicators that need to be considered. Especially when you consider the lack of useful data on Bitcoin (unless of course you believe that a market with a daily volume in the region of 6,000,000,000 behaves the same as one with around 20,000,000...)
I will post a brief update shortly on my other idea of how I feel we are likely to move, it might seem slightly apocolyptic on tradingview at the moment but just remember the truth is that all myself and anyone else can do is postulate on ideas and give possible scenarios, nobody knows the answers for sure and the more that someone insists that they do know all the answers, then the more cautious you should be.
So that's all really, as you were.
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