RE: The almighty price of Bitcoin
I agree, I see Bitcoin price action as an accelerated visual representation of greed and fear at work. That said everything is cyclic and human nature fails to change. We are still the same greedy selfish assholes we were when we lived in caves, we are still the same bunch that runs up and summarily crashes every market top at some point. We, and accordingly price action and patterns based on our irrational behavior fail to change.
I'm keeping a close eye on Bitcoin at the moment as I feel it is a somewhat dangerous point to enter the market in the $11,500 range. I will wait for a week over week correction and to see how this futures things plays out before making any moves of significance.
https://steemit.com/bitcoin/@pawsdog/12-5-2017-the-market-view-and-trading-outlook
This is definitely a risky zone to enter, as the price could seem overextended. But with Bitcoin, you never know. It is always uncharted territory! Every new bubble makes the previous one look miniscule.
Yes and know.. The history of bubbles is not uncharted as the result is always the same at some point. That being that regardless of where it ends, those late to the table are going to get hosed. The charts are saying what it should do and what every other asset prior to it has done since the beginning of indicators. Will BTC actually do it? well it tends to be driven more by irrationality than common sense so who knows...