VanBullBear wrote:yz - No feelings hurt at all, just called it as it is.
A lot of your posts have a condescending tone to it and you make it seem like you know a lot about everything. But looking at your post on Technical analysis, it's quite apparent that you know very little about the subject even though you make it sound like you do. You played with some charts, googled some common indicators but never actually created and applied a TA based system.
This is the real-estate forums what have you got to prove to anyone, who cares if people here think you're smart or not, why try to sound like you know more than you do.
Intrinsic value,while an important component, is not the determining factor of price. As much as the academia would like to push for the efficient market hypothesis it does not work this way in the real world application. Market price is determined by mass psychology, as long as someone is willing to sell and another will willing to buy at price X you have a determined price.
Just look at every commodity, Gold for example. Gold was trading at 1800 USD per ounce during 2011, look 4 years later it's trading at near half price. Could the intrinsic value of gold really decrease by a half over 4 years? look another year further and gold is up 30%. What is gold's true intrinsic value? It's shiny.... it's a descent conductor... but is a bar of gold intrinsically worth $500,000 (by today's prices). What can a bar of gold really do for you? Nothing really.. But the market has determined it's worth as much as a home, therefore it is.
This very example highlights the beauty of Technical Analysis in that I don't need to fundamentally believe in bitcoin, in fact what I think or you think about Bitcoin's intrinsic price has zero effect on the price of bitcoin. The real question is will the masses (the market) believe in it. As long as I see a setup with favorable probability that people will buy it up, I can place a bet with a set amount of risk and make some money (or lose some money as there is always a probability the trade will get stopped out).
Bitcoin has been up nearly 25% since you posted doom and gloom, it looks like it has bottomed - HOWEVER there is always a chance it will dive down - I never know where the market will go with certainty. Nobody knows this, those who say otherwise are either lying or deluding themselves (or have a time machine).
It's funny how markets work FOMO buying and Panic Selling. These provide great opportunities take advantage of irrational - Bulls make money, Bears make money - followers like sheeps and pigs get slaughtered.
LOL kettle meet the pot, I’m not the one writing a thesis on trying to show everyone gold this and that.
It’s you that don’t even understand the fundamental basics of technical analysis.
There is fundamental’s which we agreed isn’t supporting the price of bitcoin.
YOU threw out the idea that the technical analysis says the bitcoin is long term bullish. I’m waiting for you to show me which indicator or which forum of analysis that night and day shows it has huge upward potential.
Don’t bother wasting peoples time with MJ and gold stocks. Answer the question first.