Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Huge drop happening within 48 hours!
by
exstasie
on 28/08/2019, 18:04:58 UTC
⭐ Merited by BrewMaster (1)
and I am NOT a trader.
if you are NOT a trader then you have no understanding of short term movements of bitcoin and you don't get to "predict" them either Wink

I honestly wouldn't be surprised if random guesses from amateurs performed better than predictions from Brian Kelly, Tom Lee, and other prominent "experts."

Quote
I can read the charts somewhat. Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”
"every analyst" was also seeing these descending wedges when price wasn't going up and was stuck in $3k range and they were "all" predicting price to fall down to $1000. the rest is history Wink

Descending wedges are a bullish pattern, perhaps a weak performer though. This is what Tom Bulkowski has to say about them: http://thepatternsite.com/fallwedge.html

The OP is saying everyone else is bullish and he's taking the contrarian position.

sentiment is confused and undecided. it is neither positive nor negative.

I more or less agree, and that's one of the reasons I don't think we're ready to go up yet. Longs are high, shorts are low, and sentiment is not bearish. If anything it's leaning bullish. These aren't the usual conditions from which a significant upside breakout occurs. It's usually when everyone expects down that we go up. We're not there yet.