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RE: Bitcoin "Technical Analysis" — Sunday Morning Musings of Meaninglessness!
I see this correction rather as a rejection at the Adam and Eve pattern we just built. We still have support beneath us at this 3800$ level: the 0.5 Fib. retracement, the 100 day MA, which was previously our resistance. So things could stay positive. I wrote earlier a short post about this correction and how things could continue from here on.
You can find it here, if you're interested @denmarkguy.
Cheers and safe trading!
I'm sure Technical Analysis must be very challenging in an environment where you're not analyzing natural market forces, but also the whims of wealthy asset holders who wake up one day and think *"today is a good day to screw with everything!"
You're absolutely right. TA in this space does work sometimes, but sometimes it doesn't. There's a lot of manipulation going on and even if the TA is accurate enough, it can't read people's minds for sure.
Thanks for your reply and wish you a good day!