Updates to the Ghost of 2017
Hey all!
You can try and blame this on Elon, but I don't think that will help. He's got a team of some of the smartest people in the world, literal rocket scientists, so I imagine he probably has a staff of smart investment portfolio advisors. The signs were clear that there would be a dip back in mid-April. They took profits, like any smart person would with that kind of money at stake. So let's just put that aside, shall we?
It's very easy to be reactive and blame the news for dips, but I've been noticing that the indicators tend to precede the "big" news by about 2 weeks.
The market is volatile, but behind that, there are real people. People whose only hope to catch a dip or sell the top is to extrapolate from the past. TA works because people believe it works. The levels people set as support and resistance have to come from somewhere. Fib retracement levels? Previous ATH? Doji levels? Clouds? Doubling and halving cycles? Harmonics?
TA is like a religion in the sense that there are so many belief systems trying to make sense of the same unordered chaos we're all living in. We see patterns in the static; Derive meaning where there wasn't any. Science has a name for it. It's called Apophenia. Different eyes find different things.
The truth lies in the convergence.
That being said, there has been a convergence of indicators pointing to some key levels. I've pointed them out in the chart. Those are what I'll be watching.
Is it the end of Bitcoin Season until the next halving? Or is it just a cooldown before the big run up? I would love to hear your thoughts!
The truth lies in the convergence.
You can try and blame this on Elon, but I don't think that will help. He's got a team of some of the smartest people in the world, literal rocket scientists, so I imagine he probably has a staff of smart investment portfolio advisors. The signs were clear that there would be a dip back in mid-April. They took profits, like any smart person would with that kind of money at stake. So let's just put that aside, shall we?
It's very easy to be reactive and blame the news for dips, but I've been noticing that the indicators tend to precede the "big" news by about 2 weeks.
The market is volatile, but behind that, there are real people. People whose only hope to catch a dip or sell the top is to extrapolate from the past. TA works because people believe it works. The levels people set as support and resistance have to come from somewhere. Fib retracement levels? Previous ATH? Doji levels? Clouds? Doubling and halving cycles? Harmonics?
TA is like a religion in the sense that there are so many belief systems trying to make sense of the same unordered chaos we're all living in. We see patterns in the static; Derive meaning where there wasn't any. Science has a name for it. It's called Apophenia. Different eyes find different things.
The truth lies in the convergence.
That being said, there has been a convergence of indicators pointing to some key levels. I've pointed them out in the chart. Those are what I'll be watching.
Is it the end of Bitcoin Season until the next halving? Or is it just a cooldown before the big run up? I would love to hear your thoughts!
The truth lies in the convergence.
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