RE: Is Bitcoin Price Being Torpedoed By Secret Chinese Miner Meeting? + Dash and ETH | Technical Analysis
I have really come to enjoy your TA. I learn new things every time. Like today I learned that past resistance levels mark future support levels, and vice versa. I have gone back and looked at a bunch of charts and have identified these patterns. It's truly amazing. I begin to wonder what forces drive these phenomena but that's something I need to think about.
One thing that I think I missed from your video is exactly how the talks between miners and the bitcoin development team is torpedoing the price. Is this something that the miners are doing in order to drive out competition, kind of like Wal-Mart comes in and operates at a loss for a while so that they can eventually displace local establishments? Or is it something more incidental, like maybe it is just the fact that the talks result in uncertainty about the development timeline that is causing people to sell?
What is your take?
Thanks @dashpaymag I think August bitcoin prices will be more active after a breakout since June, and my simple analysis that will come out to go up in the near future the early or mid-August this
1D MACD
Support at $ 600 so it was just heading to go to the lowest price $ 610 and the high price of $ 680 in one month yesterday, saw it cause it always is at the price of $ 666
Thanks for your analysis @dashpaymag!!!
Due to the nature of the asset, it's impossible to nail down the true reason for the sell off. Bitcoin is the master of swing and you've only got to look at the 12 month chart to see that it's increased 50%. All things are well in Bitcoin land and I only see this recent dip as a bump in the road.
Great questions and thanks for watching. The body of knowledge surrounding technical analysis is enormous and very subjective, it's definitely not a science. Ultimately it reflects investor (or trader) psychology and as I try to convey regularly, is a tool. Some of the oldest techniques that I've studied are candlesticks which have become almost ubiquitous in charting software. The origin of this analysis is centuries old dating back to Japanese rice traders. It's hard to imagine doing this pre-computer but it has stood the test of time.
With regards to the miner meeting. In my opinion it all comes down to uncertainty. No matter what it is being traded: BTC, currencies, equities, bonds... etc. people hate uncertainty. I remember trading securities back when the FOMC (the Fed) would issue press releases about rate decisions and the markets would literally come to a standstill because whatever was about to be presented would have tremendous impact; but it was unknown. The following volatility was something to behold. You can go back and look at charts of FOMC days and it's unreal. So there seems to be alot of uncertainty in BTC right now which I believe is the fundamental reason driving the selling pressure.