RE: Bitcoin (BTC) Morning Update: Let the price flick around like a fish out of the water!!
Sorry if I'm just about bitcoin rather than bernie ;)
This guy does very rational TA (though not as detailed as Haejin), here's what I commented on the video :
Good of you to upload this - we're all waiting for the final dip... glad to see you also noticed the head and shoulders. I did a fibonacci retracement from $3000 (September low) up to the highest high and the moderate (0.618) retrace goes down to $9500.
This coincides with the head and shoulder scenario, so I would wait for a 10k low to buy in... however, even lower is not impossible.
Was it yesterday that Mike Novogratz said he would withhold 500 million investment form his hedge fund because "Bitcoin might sink as low as $8000" - now that sounds a bit like wishful thinking to me - no doubt he likes to buy in cheap, as we all do ;)
What do you think of this? I'm very new to TA, so could be completely bonkers :) I think it's gonna go down drastically soon... my buy ladder starts at $10.500 USD..
It just broke out (and up) of the yellow triangle ;)
Oh dawg, this is driving me nuts ;) Downward triangle doesn't mean it won't break out tops... though in this scenario, that would be likely... remember we had that big head and shoulders, and we did NOT go down all the way, then we had the smaller head and shoulders that's still visible second from right in your pic above, and nothing happened except a small dip... so, triangles can be drawn at different places and different angles, see below... i'm hoping for a real dip soon, but I'm starting to doubt it will come. Bitcoin might be kicking straight upwards again by now if the volume wasn't so low (the blue lines resemble an earlier trading channel, we may be easing up into that channel again).
All the newbies panic-sold and now it's Christmas and they hesitate to get in again, because they're thinking exactly like you and me ;)