“Technical Analysis doesn’t work” they say, as Bitcoin is supported at the $5800 – $6000 threshold once again, work that one out. Sure, it clearly doesn’t work, as it rejects continually from the downtrend line.
“People using Technical Analysis only they see what they want to see” they say, yet here I am holding many thousands of £ worth of coin’s, still looking at a descending Triangle with a consolidated flag back up to the top.
You’re right, everyone, it will breakout soon, that’s what happens when its squashed in like this. Unfortunately it may not be in the direction we both want.
Wheres the volume people? There is no accumulation here, not really, there is no bullish rejection, price is just floating. No-one is committing right now, after all the outrageous post’s about impending Bull-Run’s and over the top price estimates for year end, there is still no commitment.
My opinion? If this beast is going bullish again, then lurking in the midst’s around the 3.5 – 4k mark is a whole host of banks, hedge funds, institutes and Whales waiting for the absolute best price. We aint going anywhere without huge investment from outside the Crypto community. I dont reckon we can do it on our own, look out for Volume and wait for the rejection as low as possible, then enjoy the slow, steady push back. I hope you like playing the long game.
Of course now I’ve posted this the Bull-Run will establish itself (Sods Law) and believe me, I hope it does. Lets see if it does finally push out of this formation, and if it does, I’ll be ready for that retest because ‘Technical Analysis’ is very much valid, and always will be, to enable you to find an edge in the market, as long as you are mechanical in your Bias.