Quote from: Toxic2040 on December 16, 2018, 06:16:51 AM

Quote from: HairyMaclairy on December 16, 2018, 05:20:15 AM

I think the news doesn't matter in a bear market. None of those will create any volume without demand, and there wont be any demand in a bear market. Bakkt will achieve nothing meaningful in the short term. It does open up new channels for when demand arises in the next bull run.

TA is the way that humans achieve consensus on price. The price is an expression of solace in pattern matching, that is the only way short consensus can be achieved (fundamentals drive long term consensus - except long term TA takes into consideration fundamentals). The fundamentals driving long term price are primarily the halvening cycles, which is a supply side constraint. Supply gets restricted, selling pressure on the market from miners eases, price goes rocketing up. Its really that simple. The correlation with legacy to date has been so low as not be worth worrying about.

Yes Taproot and Schnorr are nice, but they are icing on the cake, not fundamentals.

My take on the technicals is there is a lot of traffic to get through before you can get back to $6k. That is going to require a really powerful event. The current descending wedge is not it IMHO.

How would you characterize the sell off this past year? Are we really looking for $6k so soon? Might not just getting the miners back towards profitability be a good start? As for Taproot and Schnorr rings, isn't increasing fungibility also increasing the fundamentals?

I definitely think waiting for confirmation of your bias is a good thing however.

Difficulty is massively dropping.

Miners will be or are already profitable again.