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RE: Tight Range And Low Volume [Bitcoin Update 02.04.2018]

in #bitcoin7 years ago

I think TA is telling much more than the fundamentalists sometimes claim. Chart patterns are just representations of market participants emotions and if some very reliable pattern points to something, we should consider this something even all fundamentals are against it.

Short term I speculate on rally to $10k but overall situation is that Bitcoin had found general consensus about lower price bound, which is $5k to $6k. We have similar situation in 2015 ($200 to $300). This is a significant improvement in value.
For me this is two most important fundamentals and I give a shit to this news based fundamental stuff. News and use of statistics mainly are used for public opinion manipulations conducted by big market players who have influence on media. They use this influence for seeding fear, concerns and all kind of FUD among more emotional sensible traders to empty their pockets in the process.

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Well, people who actively trade BTC and crypto-related markets should know that this is an extremely news sensitive news.

I personally don't think that if we go down we will rally that much. I kinda see us go up to 8k and then revisit the 5-6k range. Very interesting to se ehwat will happen :P Thanks for commenting.