Bitcoin vs. Textbook TA

[Yogee]

There have many occasions when bitcoin didn't care about technical analysis by some so called "experts" or "chartist". I've read posts about overbought bla bla bla some days back but price blasted through $30K and went up to even $34K.

Some traders have taken their profits causing the price to drop so will btc follow what textbook says this time?


Images taken from https://twitter.com/SJosephBurns/status/1346152634269446144

Today's bitcoin price action was taken directly from Diagram 1. Only difference is this is a 15m chart.

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How do I fix the first image? It's not what it looked like in the preview.

Update 2: Issue somehow fixed. Ignore the invalid image

[crwth]

There have many occasions when bitcoin didn't care about technical analysis by some so called "experts" or "chartist". I've read posts about overbought bla bla bla some days back but price blasted through $30K and went up to even $34K.

You should know that technical analysis is just a prediction and it's not going to be 100%. It will always go to be dictated by the market, not the trader. Probably, the traders that posted those are bearish bias and that's just their prediction. A trader would make a mistake if he didn't do proper management.

Some traders have taken their profits causing the price to drop so will btc follow what textbook says this time?

If we based it on the textbook, it would continue to drop into the proper short-sale point. Maybe it's time for the bears to take over?

Update 2: Issue somehow fixed. Ignore the invalid image

Code:

[table][tr][td][img]http://[/img][/td][td][img height=400]https://pbs.twimg.com/media/Eq5-r6_XUAEDCm4?format=jpg&name=900x900[/img][/td][td][img height=400]https://pbs.twimg.com/media/Eq5-r7OW8AAwJNl?format=jpg&name=medium[/img][/td][/tr][/table]

You have a code with img and nothing more. That "http://" wouldn't show anything.

[Yogee]

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You should know that technical analysis is just a prediction and it's not going to be 100%. It will always go to be dictated by the market, not the trader. Probably, the traders that posted those are bearish bias and that's just their prediction. A trader would make a mistake if he didn't do proper management.

I get that. It looks like they sold early and they have to convince others or themselves why they had to sell hehe.

If we based it on the textbook, it would continue to drop into the proper short-sale point. Maybe it's time for the bears to take over?

That I do not know. It is much harder to predict price movement based on charts when there are institutional investors out there buying massive volumes. Also, we don't really know if and when new big players come in.

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You have a code with img and nothing more. That "http://" wouldn't show anything.

I only intended to post two images. The first image [btc/usd chart] shrank in my first try so I had to fix it by putting a blank image. The http:// wasn't there when I inserted

Code:

[td][img][/img][/td]

[el kaka22]

I doubt that bitcoin ever cared about TA because it is not acting as it suppose to according to TA's like the stock market world because it is not tied to those people anymore.

Regular Joe buys bitcoin too, regular Joe couldn't really change anything in the stock world because he gave his money to broker who used it to buy, sure stock market world is becoming more like bitcoin because there is places like robin hood where regular people could buy and sell with big numbers now too, they are getting together, but bitcoin has always been like that all together, sure I can't change bitcoin myself alone, just like stock world, but I can do one more according to market movement and everyone else does too and wealthy people can't change that, whereas in stock world they are running the show with everyone's money and changing things with our money, that is not here in bitcoin world.

[Yogee]

Another ATH.

BTC be like, "Textbook TA my a$$" hehe.


I'm pretty sure some of these bearish TA analysts are left scratching their head once again while noobs or newbies are making a killing since almost everything is on the way up. It's one way street at the moment and it doesn't look like it's stopping until six digit$.

[Quidat]

Another ATH.

BTC be like, "Textbook TA my a$$" hehe

I'm pretty sure some of these bearish TA analysts are left scratching their head once again while noobs or newbies are making a killing since almost everything is on the way up. It's one way street at the moment and it doesn't look like it's stopping until six digit$.

I actually laugh on this one.Lol
Patterns and forms can be seen but doesnt mean that it would be precisely happen from time to time. Bitcoin market havent failed to impress us and as of this moment its already +36k
and still clinging up way higher that we havent anticipated.I agree into your word that TA pros and experts had scratch off their head because bitcoin can
really fucked up TA's out there, no matter how good it is and no matter how precise it would be on our own understanding.

[crwth]

I get that. It looks like they sold early and they have to convince others or themselves why they had to sell hehe.

They are probably regretting their decision and sold early on that one. At least now, the Bullish TA's have won this time around. We are reaching continuously multiple ATH in a small time frame, that's really a wow for Bitcoin.

I'm pretty sure some of these bearish TA analysts are left scratching their head once again while noobs or newbies are making a killing since almost everything is on the way up. It's one way street at the moment and it doesn't look like it's stopping until six digit$.

It's pretty clear that we are definitely in the bullish part and it's time to accept that it's probably not going to go any further at this rate. I agree that it's a one-way street right now but let's see how much it would affect everyone when it's up to six digits. Like you mentioned that there are a lot of institutions right now buying and they just want to keep HODLing BTC.

What does the textbook say after a couple of ATH was reached? When is the end? 

[exstasie]

What does the textbook say after a couple of ATH was reached? When is the end?  

Proper TA says it's unpredictable. That's the nature of speculative mania and blow-off tops. Don't trust anyone who tells you otherwise, whether it's Citibank analysts or Tom Lee or whoever.

It's only after the initial crash that we can reasonably infer the bubble has popped. In 2017, that was the sudden crash from $20K to $10K. Historically, BTC bull market corrections are limited to 42% max, and more likely inside the 30-40% range. Once that crash starts approaching 50%, I would guess it's over.

Then again, history is not guaranteed to repeat. Even if you're confident the bubble has popped, you probably should not sell all your coins.

We're all just guessing. Hedge for every outcome.

[ranman09]

TA is just there for guidelines use it is not an actual representation of what will happen. Bitcoin shows that it is. It keeps on hitting an all-time high.

[crwth]

It's only after the initial crash that we can reasonably infer the bubble has popped. In 2017, that was the sudden crash from $20K to $10K. Historically, BTC bull market corrections are limited to 42% max, and more likely inside the 30-40% range. Once that crash starts approaching 50%, I would guess it's over.

I think there's going to be an end somewhere and when it will come we will never know. I do agree with what you say that we should just Hedge towards that situation. As long as you are able to, though. It's like a double-edged sword, whether you have applied it immediately or you're too late, it's going to be it's risking it.

[RealMalatesta]

TA is just there for guidelines use it is not an actual representation of what will happen. Bitcoin shows that it is. It keeps on hitting an all-time high.

I have said this a million times but nobody seems to care. There are people out there who thinks that TA is basically the god of all predictions and it will be the end of discussion, if TA says up, bitcoin has to go up, if TA says down, bitcoin has to go down. That is not how it all works, that's never how it ever worked neither.

The reality is that, TA would show you what bitcoin "should" do and that's it, nothing more, and yes sometimes bitcoin "should" go down according to TA but it goes up, and that is what we have seen as well. Just because there are indicators that says that bitcoin is not suppose to go up, and everything points out to a downward movement, doesn't mean that it has to go down, that is just what it "should" do not what it will do. This is why I think it is quite important for everyone to realize TA is just guidelines but they keep ignoring it.