Bouncing dead cats...

in #cryptocurrency7 years ago (edited)

Well today is the first day that Bitcoin looks to have broken its downward trend and it doesn't look like just another dead cat bounce (never understood that term; I've seen lots of dead cats over the years and none of them seemed particularly bouncy).

Let's look at the 1D charts...deadcatbounce.jpg

It certainly looks like it's broken a pattern of decline but those dead cats are deceptive little buggers, you can never really tell 100%.

Some people say ignore charts, that price depends on what's happening in the news and technical analysis is all bovine excrement. Others say that the daily goings on don't matter so much and the dips and surges can be predicted reliably by looking at the charts.

I fall somewhere in-between, you can't ignore the charts, you can't ignore the news. Both influence the price and like it or not, the price of any asset does tend to follow patterns.

So, are we past the worst and on a market reversal? Time will tell...

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The term dead cat bounce comes from the idea that even a dead cat will bounce if it falls from a great height.

Ah, thanks it kind of makes sense now.

We are headed to $7K man :-D There are just too many people hopping on the Bitcoin train right now.

Hopefully, I think you may be right but I will probably be a rocky ride.

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