The possible FUTURE of Bitcoin? CRASH or MOON? SIMPLE Technical Analysis

in #bitcoin7 years ago

SteemTest3.jpg

I do not have the right connections and/or insight (by that I mean insider info) to correctly asses any kind of asset from the fundamental type of analysis; by this I mean forex, commodities, stocks, etc. I look at a graph and try to figure out where are support levels, resistance levels and BIG changes in volume (number of transactions per unit of time) that support either the increase in value or drop of it which is pure, simple, TECHNICAL ANALYSIS.

most probmove.jpg

1 - nice bounce
2 - buy if it breaks; short if it bounces
3 - target HIGHLY PROBABLE
4 - hopefully we don't come back here ... still in the package of probabilities

Nothing fancy; no need for anything else. No MACD, no Stoch., no ASX, no MA, no MAexp, etc. etc. Not more, not less.

I say:
S = support
R = resistance
V = volume

Based on these ideas refer to the pic and if you can, comment.


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Like it or not, the truth is that bitcoin is already an outdated technology. And I go further, I think that all cryptos that still rely on blockchain technology are already outdated, because nowadays we have post-blockchain cryptos like Iota with zero fees, instant transactions and enabled micropayments.

I do agree with you; these days the speed of technology is unbelievable &, as you perhaps refer to, what is invented today, tomorrow might it be obsolete. My TA above is a bird’s eye view of what I can see in the past to try to guess what will happen in the future within a certain degree of probability, sometimes high, others low. Txs. for the note. Cheers.

With the note that the reliability and security of IOTA still has to be proved. But IOTA (and perhaps other 'blockchain less' solutions like RaiBlocks) have increasing appeal.

I've been using technical analysis for forex for years and rely on it for buying (physical) opportunities in the silver/gold futures charts. Can't say as I trust the charts in the cryptos though... Lotta volatility and issues behind the scenes I don't fully understand yet. Fun to watch tho!

hey I've always thought that this is a game as in like any casino ...best advice given to me NEVER put all your eggs in one basket. Someday you get a whale and up to the sky ..others, below freezing point ...LOL

I'm the same - I think TA will only get you so far in crypto as this space is so unpredictable and fast-paced

Great post for starters. Like the common sense and logical approach. but I do have to agree with some of the comments below. BTC is outdated and even with this scaling approach, there are many new cryptos out already that have fixed the issue and are ahead of the game. Not sure where it will go but I believe it will remain a store of value more than a transaction techonology. Upvoted and followed... feel free to do the same. Cheers

Its important to remember that nearly all systems in the world are legacy systems to a degree. Regardless of its outdated technology, and it is outdated, it has gained a lot intangible credibility that will be hard to overcome. The current state of tech has proven that the average person needs to be spoonfed technology, just look at all the press a 2 megapixel jump in a smartphone camera generates. Even if we change the economy, people are tougher to change.

Having said that I am a fundamental and tech analyst when necessary and I agree that charts don't seem to work exactly the same with Cryptos. I am rarely fooled by a stock chart but I am often fooled by cryptos. Too much "pump and dump" with not enough Market Cap. I have adopted the "set it and forget it" mentality for my personal investing. I believe all the big boys (BTC, ETH, LTC, XRP, STEEM(of course!)) have a lot of legs and until things are more sorted, its easy to get lost in details. People like us are the bleeding edge, but most people are afraid of blood.