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My theory for why Bitcoin - and other cryptocurrencies - follow these classic technical analysis patterns, is their prices are affected by human psychology. The Bitcoin chart itself is basically a lesson in human psychology. Skepticism, greed, paranoia, fear, it's all right there in those cups and handles!

I learned technical analysis on the silver and gold charts back around 2009 and 2010. As you may know, they are heavily manipulated nowadays, almost totally controlled by the big Western banks. Human psychology (supply and demand) isn't allowed to play out on the precious metals charts. Their prices are determined, not set by the market. That's why classic technical analysis doesn't work on the silver and gold chart anymore, but it works like a charm on the far-more-free-markets like the cryptocurrencies.

Feel free to make observations and ask questions :)

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