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RE: Is this another bull trap, or the real deal... please let us know shaman chartists?
You must remember the charts don't mean anything. What happened yesterday happened yesterday. It might be the opposite with 3 green candles and one red. :-)
Ha ha, I was poking fun at them. 😉
Hahaha The price of Bitcoin always affects the whole cryptocurrency. Whenever the price goes down it takes some of the coins with it.
Not as badly as it once did thankfully, because a lot of the other coins and tokens are growing up. Like take Steem for instance, does it really need Bitcoin to go up in value, or to function... not at all. 🐳
Well that's true. The Steem price hasn't been affected that badly, It's been bullish over the past few months meanwhile Bitcoin went from 20K to to 10k. Some coins get affected because most people see Bitcoin as the main crypto currency, once the price drops people panic and withdrew from all other crypto coins. As soon as the price drops, the mainstream media fighting crypto is there to spread the news.
I know I'm a Steem fan, so this could be considered bias, but I find far more value in Steem then I do in Bitcoin, because I can actually use Steem to better myself and hobby... so it actually has purpose.
Did you ever think that what happened yesterday may represent the market's expectations for tomorrow. And if so, there is information that can be obtained by studying yesterday's action. Just like knowing history is valuable in life.
Could you elaborate a bit more on this?
Historical price acting is a precursor to current market action. This goes for all commodities, stocs, forex etc. So if the charts show a positive trend, it is a better percentage bet that the trend continues. Of course eventually it ends. My point is though, that there is information in charts and one would be ill advised to completely ignore the visual picture they represent
I can see that, but no one should base them as 100% outcomes though, to do so would be entirely foolish.
Absolutely, it is a tool among many others