Quote from: 7788bitcoin on April 20, 2016, 12:34:25 AM

Quote from: MatTheCat on April 19, 2016, 11:58:43 PM

A bad start for my very first TA 101 trade idea:

img

Bitcoin completely confounded everything I think I know about TA, and just fucking exploded up in the face of 'bear this', and 'bear that'. I watched the 'hidden hands' at work on Finex, as they monkeyed around in both in the trade walls, and strategically drove the market up.....but in the absence of a few million dollars and a 10K BTC to play with, who am I to object to such shenanigans? Somebody with strong enough hands wanted BTC up, and they got her up. Interesting thing here, is that there is now not a single resistance trendline on this large symetrical triangle that has not been breached, and that includes a Daily Gann 8x1 line:

img

I suspect that Bitcoin will now by hook or by crook, work its way up to the completion point of the AB=CD target @ $448, but at the moment, there is absolutely no trade setup that I personally could even consider, and even if there were, I would not be inclined to take a long trade in the face of so much bearish momentum divergence, all of which is still in play.

I must say that your analysis is really interesting to help noobs like me to gain more understanding. I am still learning so will definitely come back to this post for more information from time to time.

The lesson is that this is a manipulated market and TA is about as useful as tea leaves.