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RE: Bitcoin technical Analysis Update (BTC/USD): BTC set break above all resistances above, $13000 is set to be breached, From there a Break from Downward Targets.

in #bitcoin • 7 years ago

thanks for reading my post and commenting, i read your aritcle and upvoted you did some commendable job over there. Fundamentals need to be looked at i agree with that.

However BTC is now different than it used to be some time back, it now involves a heavy amount of institutional investors unlike any crypto so far, so the charts will matter much more now than they used to in an earlier time,

there are many supports down there for BTC so i dont see any heavy fall in BTC based on charts so far but i will surely look down as well if the chart suggests.

and count me in your readers if you decide to post the data on new accounts regularly.

7 years ago in #bitcoin by
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     7 years ago (edited)

    Completely agree that the newly accelerated involvement in institutional investors can indeed alter the Bitcoin chart and value from what its fundamental relationship has been with its user adoption rate going back 8 years. However, I would be very surprised if two months down the line its price can sustain any growth if that adoption rate remains flat or continues to decrease. There would just really mean its growing based on air. And before now it really had been growing in response to actual adoption. Like this quote I had in a follow up blog: Fundamentals will never go away - they can only take temporary vacations.

    Thanks for taking time to read the article and I really appreciate your thinking through this with me as well. I am also trying to learn and reason through this as well and your perspective was quite helpful.