Bitcoin Corrects Upwards; H&S is a lie; Enjoy Alt-Season while it lasts

[Enjel]

Due to the China ban (horrible news) this year, the Bitcoin price, and prices of other coins, failed to gain as much momentum as they should have during the last half of this year.
Therefore, the current run was actually an upwards correction, followed by a downwards correction that is now over - now BTC will continue to trade sideways until it breaks upwards (AKA end of the alt-season, which is going on right now).

The Head and Shoulders TA pattern is based on a lie, and was just there to FUD people.

The Head and Shoulders pattern is only applicable when the volume corresponds to the pattern as well, which it didn't.

When comparing current patterns to previous patterns, the price isn't enough, but rather the volume activity needs to be checked too. I didn't see too many bears mentioning that.

Bitcoin will recover. Time to invest in alts, then sell them and reinvest in BTC.

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[Torque]

Time to invest in alts

How about no.

[buwaytress]

Heads and shoulders is one of the most overused in this forum, I've seen even 15-min uses but haven't we already all given up on TA by now? What is TA except analysis based on data? Even for the most stable and predictable markets, it is indicative at best and that, only in the hands of experienced traders. Try and remember that the "market" isn't even a decade old and even I feel the "seven-year" history belies the thin volumes that marked the early years. That's the data we're talking about. And which is why I'm reluctant to believe any of these new predictive projects on big data is going to work. What big data do we have on Bitcoin that we need supercomputers to process, anyway?

[chefbauer]

It is incredible to see how almost all the altcoins have made a x2 or x3 during the last few weeks. It will end soon, and bitcoin seriously needs to recover as soon as possible. I want to sell all my bitcoins at $20k, lmao.

[spazzdla]

It is incredible to see how almost all the altcoins have made a x2 or x3 during the last few weeks. It will end soon, and bitcoin seriously needs to recover as soon as possible. I want to sell all my bitcoins at $20k, lmao.

That is why it will take several months to gain any traction upwards.  The new comers are scared shitless are selling and will be selling.  Might just see $5k

[bigvito19]

Niiiiiiiice