Post
Topic
Board Speculation
Merits 2 from 2 users
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Majormax
on 20/11/2018, 09:43:45 UTC
⭐ Merited by bitserve (1) ,JayJuanGee (1)

O.k. We read differently, and I don't concede that a previous pattern implies the next pattern either in duration nor in intensity... especially when the way up was different in this 2017 one, too.  In other words, you cannot just begin from the downward point, you have to consider both the upwards slope that got to the top and the downward slope, not just one side of it.



All charts are hidsight of course. IMO their main usefulness  is in telling us why/how a particular price move happened.

My own methodology starts with the premise that a Bear Market has a job to do. That job is to shake out the weak hands. The higher the previous rise, the harder the job will be ,hence the use of % retracements etc (which are flawed anyway).

How the weak hands are shaken out is a combination of circumstance. The BCH/SV debacle is merely one of those random circumstances : the fall was due anyway. In fact, better to get it over with, deep , sharp and quick. Slow attrition is harder to recover from.

In BTC terms this is not a crash. $2000 next week is a crash.

So I kind of agree with you, the jury is still out . They never really reach a verdict until its all over.