Quote from: Vycid on December 10, 2013, 10:58:19 PM

Quote from: Sitarow on December 10, 2013, 10:47:39 PM

Quote from: Vycid on December 10, 2013, 10:42:49 PM

Anyway, back to Bitcoin; I want all the bears that insisted Bitcoin would never break 1k again to realize that the charts lied. There is no way about that. Charts are a shitty crystal ball and you should always be highly skeptical of them in a commodities or stock market that isn't news driven, but in the Bitcoin world all bets are off.

I think the only way to really obtain better-than-random trading odds is to fit an algorithm to the parabolic rallies/crashes, since they usually have "ringing" behavior afterward that can be profitably traded.

Charts never lie.... Its those that sell on rumor that suffer the consequences in this market.

Unlike traditional a trading platform, this market participants have matured to a point where just about everyone tends to get the news at the same time. NO heads up warning as to what the market will do.

"The old Buy on the rumor, sell on the news is a primary cause of technical price developments, and in many instances, the only technical analysis"

Edit: Lots of fun is expected over the next few days.

This is a really naive outlook. Why isn't everyone who can read a chart a billionaire?

"I'm not wrong, everyone else is"

Reading charts is a part of the equation. Market sentiment, is influenced by news of future adoption and other social/political news affect the perceived valuation of bitcoin day to day.

The other is indeed making the right call.