Oh, so since it did it once in the past it's definitely going to do it again? Past performance does not dictate future events... Sure, we might have resistance around 45-50k, but it definitely does not mean we are going to go straight down to 30k and then blast all the way to new ATHs. There's way too much buying pressure right now. Just like you put way too much faith in the charts. When it's not even about the charts, it's about what's going on in the world that's correlated to Bitcoin. Sure, the charts may make up 25% of the price action, but it's all the news and events that dictate what the charts do to begin with.
You have it backwards...the charts are the catalyst for the news...the extension must be realized so the news will align with the necessary extension. I never understood that statement popular with trading communities. The past performance is your road map...it is ALL that matters because it is the only information you have. This is like crowd think when you get Fibonacci ratios involved. Btw I could find similar pulbacks all over the chart...single or double correction. Stop trading support resistance, order blocks, etc..traders mistake ABC patterns for these all the time and then wonder why it blew past...use stats. I guess this is where the saying comes in because they can't explain how it sometimes breaks resistance and sometimes doesn't.
Every asset class is going to the moon. This is truly an incredible time. Everything goes up with zero risk.
You guys need to understand determinism of the charts and align yourself with it. The chart can only do what it does...regardless of external factors, therefore the external factors must align with the chart.
This may be true in some cases where an institution will pay the news to promote a story in favor of their position in the market. (Which is a form of market manipulation) But this isn't always the case, Take for instance the Covid pandemic, just about all markets dumped, and that wasn't forcasted on the charts. Again, news that dictated what the charts do... Not always. How do you think charts are made to begin with? If we followed the same patterns 100% of the time all the charts would have the same exact patterns, and everyone trading would be trillionaires since we all would expect it to behave the same. Nah dude, the charts do not always repeat themselves. Trends eventually end, you are way off with that thinking...
You are so missing the point of determinism...if hedge funds pay to promote a story then that is part of the determinism...if the chart is at an extension point then the news will look to facilitate the price movement. This is why you here about quant funds completly ignoring news, er, and fundamentals....they are for the most part incosiquential. For instance I believe the ftx scandal broke just when Bitcoin was beginning it's downward extension...chicken or egg you decide.
Nah dude, FTX thought they could invest with other peoples funds into the market (as it was going down) but the problem is, when they bought, it kept going down further and they couldn't repay the borrowed funds back, sending the market down even further. It has nothing to do with them trying to "Promote bad news" to drive the price down. The price already went down because of them THEN the news came out. Again, your thinking is off...
Where did I say they were trying to bring the price down? They too are just pawns to the charts determinism.. The drop in price was already determined long before the news broke...probably a year at least ew was calling for possible 16k on a double correction when it was trading in the 30s or 40s.Whether this is how corruption manifests itself on the chart where big players are always getting ahead of it who knows.. Think Issacc Asimov's foundation series where they had so much information that they could use it to predict the future accurately.