Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
realr0ach
on 14/06/2019, 13:24:39 UTC
Masterluc posted a 3-month head and shoulder chart without any comment but a laugh.
On that chart, we're at the top of the right shoulder.
Most head and shoulder charts are scam. Some get it right by pure coincidence (1mil predictions, 1 bound to be right). Ignore.

Head and shoulders is not a "scam" and is usually pretty reliable.  The only problem is it requires an aggregate market, and bitcoin IS NOT an aggregate market.  It's controlled by a single entity operating on the fraudulent exchange Bitfinex and by extension Binance, since Binance is equally or greater Tether exposed.  There was a famous point - I forget where, I think around $2-3k - where a huge H&S formed.  Everyone started dumping on the shoulder and immediately this single scammer entity from Bitfinex took the opposite side of the trade and rigged the price higher trying to force everyone to buy back in at a higher price.