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RE: Bitcoin Technical Analysis: Could be about to break up, or break down soon?
I like your chart reporting. Alongside with many other comments I agree we should also be taking into account the general sentiments about the coin.
My suspicion is people are holding tight until after August 1st...I think the charts would agree with that. Depending on the outcome of the upgrade, the price will either soar or drop.
We will all see soon enough :)
Interesting to hear that many comments to this post that I read so far have mentioned this issue, while I'm pretty much ignoring it :) I guess maybe that's because I'm mostly just trading BTC these days rather than holding it - the things I am holding long term are SP as well quite a lot of ERC20 tokens. But, yes- we will see very soon!! Thanks for your comment :)
It's nice to hear your openness to suggestions. IMHO technical analysis is important and works well within the traditional markets - but cryptos are such a different animal and move so quickly with changes in sentiment, FOMO and FUD - it's good to include these external factors in any analysis :)
Looking forward to reading your future posts :)
Thanks for very much for your reply.
But in my experience I'd say crypto is easily the best suited type of asset, that I know of, for use of technical analysis. This is because I see the main factors in how cryptos behave as being like 'crowd movement' or waves hitting a beach. The patterns are regular and repeating. Whereas with stocks, quarterly reports about profits etc are a key driver of price; with bitcoin there are no earnings/dividends to affect the market-analyst's valuations (in fact im not sure there's any real way to price what a currency-type crypto should be worth?...its all just about supply and demand! :) )