OT: Buying Crypto using Using Charts and Indicators

Cute...but woefully inaccurate...it was an very easy call based on technical and chart analysis, no less, sentiment.

Fib

Any giant move in anything from a tweet from someone has nothing to do with technical analysis at all.  It may confirm a prior move but I've noticed watching crypto that its pretty hard to apply pure technicals although I do only use stochastics lol!!! 

I'm not so sure about technicals but I do know about the "Shoe Shine Boy" sentiment indicator which was off the charts at the peak.

Elon was a big part of it's rise...

and it's fall when he ditched his beloved Doggy Coins for destroying the planet.

As seen in Elon's "I miss you" meme: (Look closely at the bottom frame accompanied by tears!!!) LOL.

Edited by Rogerdodger, 11 June 2021 - 12:40 PM.

hahahahaha

When your MEME is worth more than your DogeCoins!

Iconic 'Doge' meme NFT breaks record, selling for $4 million!

Edited by Rogerdodger, 11 June 2021 - 07:27 PM.

Bitcoin to tumble further: oddsmakers bet on drop to $10K

Yahoo Finance
Bitcoin to tumble further: oddsmakers bet on drop to $10K
Ihsaan Fanusie
Fri, June 11, 2021, 9:23 AM

Bitcoin’s (BTC-USD) chances of falling below $10,000 have increased significantly since mid-April, according to betting aggregators US-Bookies.com.

The odds that Bitcoin drops to $10,000 in 2021 were 8/11 (57.9% implied probability), a sharp increase from mid-April, where the odds were 4/1 (20%).

“The latest trends have not indicated a positive outcome for the popular cryptocurrency,” a US-Bookies spokesperson said. Bitcoin rose over $2,000 Thursday after the Basel Committee recognized it as an asset class, but fell back down later in the day.

It should be noted, the spokesperson said, that the market for betting on bitcoin is “very small and extends to a handful of jurisdictions globally where sportsbook betting on bitcoin is legal, like Europe.” Betting on bitcoin is illegal within the United States.

“There are many factors that affect trader sentiment,” the spokesperson said. “But the most significant appear to be US monetary policy and the impact of pressure from mainland China.”

Edited by Rogerdodger, 11 June 2021 - 08:15 PM.

According to McGlone, the sentiment has turned a little too bearish, a feature that is often observed at market bottoms.

“Calls for $20,000 and technical patterns such as ‘death crosses’ are often triggers for the more fundamentally focused and longer-term bulls to be responsive buyers,” McGlone noted.

The last two instances of death crosses, March 2020 and October 2019, turned out to be bear traps.

https://www.yahoo.co...-104717598.html

The ‘Sunday Effect’ Sends Crypto Crashing on Weekends – Which Means It Might Never Go Mainstream

"Ever heard of the “Sunday effect”? Lately, it seems every weekend, crypto values plummet – and it’s a trend with major ramifications for the future of crypto as a serious investing contender.
An ETF could turn Bitcoin into a more mainstream option, but could also spell disaster for those trapped in the weekend holding pattern.
The Financial Times reports that SEC chair Gary Gensler dampened hopes of a swift approval of bitcoin ETFs this year. In testimony before the House of Representative’s subcommittee on financial services last week, Gensler said “there are many challenges and gaps for investor protection in [crypto] markets,” according to the report."
(LINK)

Edited by Rogerdodger, 13 June 2021 - 06:42 PM.

Dogecoin... A Pyramid Scheme?
Dogecoin Creator’s Take
"Dogecoin creator Billy Markus has openly acknowledged that he created the cryptocurrency in about two hours as a joke.
Markus also recently said Dogecoin and the rest of the cryptocurrency market is driven almost entirely by the greater fool theory. The greater fool theory is the idea that only fools are buying a particular investment, but they are doing it with the hope that even more foolish people will eventually buy the investment back from them at a higher price.
“I agree with the greater fool theory driving most of crypto prices, but I’m honestly wondering what percent you think any crypto is purchased from utility vs greater fool theory,” Markus tweeted. “From my viewpoint, it’s about 99.99% greater fool theory.” "
(LINK)
 

Edited by Rogerdodger, 13 June 2021 - 10:41 AM.