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RE: Bitcoin (BTC) Evening Update: The Inverted Head & Shoulders Still Valid
Since Haejin won't admit it looks awful for Bitcoin right now to his followers, because he doesn't respect them and thinks their stupid... I'll point out the obvious Bear case for Bitcoin... (P.S. if you want to refuse Bitcoin could possibly crash a lot further then keep your blinders on, you will never be a strong investor by refusing to acknowledge both the bullish and bearish possibilities of all financial markets):
Edit: Here is a long-term support line (green line) (which is very valid because price bounced off it three times already) that might not be the worst buy level if you believe in Bitcoin long-term (none of this is financial advice though!):
The funny thing is that it is possible to draw a trendline in both ways. The matter is on how you interpret the data and manipulate with it. 😉
great point. Its not just about drawing the trendline but also understanding it
I gave a similar response to him yesterday about the resistance line. Glad to see that I am not alone. https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-price-is-sitting-on-lower-bollinger-band-and-upper-trend-line-support#@liondani/re-haejin-bitcoin-btc-evening-update-price-is-sitting-on-lower-bollinger-band-and-upper-trend-line-support-20180308t133741976z
yeah man the line chart is very good in this instance for placing that falling trendline!
hahaha, happiness is when you see your friends fails the same subject you failed and then satisfy yourself by saying " i am not alone". jokes apart.
but it will rise soon i believe that.
This is exactly the chart I drew up earlier today. I don't see how BTC is going to bounce from this very level up to $17k. I have some buys set around $6.5k if it gets there.
Agree with you :)
I think from his Legal Disclaimer he is not advising anyone to buy. But still on the bounce, i believe BTC will still make huge bounce over time; this might take a lot of time (possibly months). Besides the price is still dropping at the moment.