Bitcoin "Technical Analysis" — Sunday Morning Musings of Meaninglessness!

Welcome to the Sunday morning shitpost rant Bitcoin Technical Analysis post for February 24th, 2019!

In the latest Bitcoin News: Bart Simpson's hair strikes again!

Yesterday we saw a nice uptick in the price of BTC to its highest levels in a couple of months, with the price momentarily hitting US $4,178.00 intraday, resulting in people walking around outside, looking up at the sky, to see if they could spot a piece of pie. Or the Moon.

Alas, the euphoria was short-lived.

Overnight — or in the afternoon, depending on where you live — the classic "Bart Simpson Indicator" took hold, and the markets promptly dove off a cliff, leaving everyone to scratch their heads for the 473rd time.

Screenshot, Source

It's a classic confirmation of this technical indicator, and we can clearly see Bart's ear starting to form, at right.

Below you can see the template we use for our analysis; in particular, pay attention to the section above the red line. Note how accurately the BTC price trend traces Bart's hair:

Source: Wikimedia

The only substantial deviation is the early ear formation, which ultimately gives us a signal that BTC is going to be trending UP, or DOWN... or possibly sideways, but the latter only on days that end in "Y."

Stay tuned for more technical insights!

This is NOT Investment Advice... or IS it?

The above — seems to me — to be as good an explanation as any.

Ultimately, I don't really care about so-called "technical analysis," because it typically amounts to little more than "wishful thinking" and "bogus correlations" proposed by assorted hackjobs who really have little to no idea what true technical analysis actually is.

I didn't create the above to mock technical analysis as a concept, but it's an extraordinarily complex process that revolves around possibly decades of studying correlations and patterns at a micro level in an attempt to form reliable predictive models.

Looking at some graphs, declaring "this has happened before!" giving your trend a "scientific-sounding" name and calling it "Technical Analysis" is basically... bullshit. Or, at least, Bart Simpson's hair seems to be just as good an indicator as any.

Do you know where this ship is sailing to?

But What DO We See, Here?

However... in service of this not being entirely a "throwaway post," there IS something here for us to ponder.

These incredibly sudden and sharp price swings — typically without any broad based attendant market news — point to the unpleasant reality that huge market swings can still be instigated and created by possibly a single investor, or small group of investors.

Of course, it's a free market and "people can do what they want," and all that hooplah... but it leaves us looking at the sad reality that BTC really isn't very "decentralized" when a handful of dominant players can so thoroughly affect everyone else's reality.

Now, there's a whole other — and far more serious — post there, so I won't get into that.

In the meantime, have a great Sunday, and watch out for the Bart Simpson Indicator! Something is absolutely going to happen, next...

Thanks for reading!

Comments, feedback and other interaction is invited and welcomed! What do YOU think of "technical analysis?" Do you use it? Or do you think it's pure fabrication and wishful thinking? Do you believe cryptos actually are decentralized? Or is such a thing functionally impossible? Leave a comment-- share your experiences-- be part of the conversation!

(As usual, all text and images by the author, unless otherwise credited. This is original content, created expressly for Steemit)
Created at 190224 11:25 PST
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