If you follow my previous chart on BTC I said I would produce a chart about a world leading tech company where we have seen a fall bigger than BTC has ever had and that is AMAZON. Amazon started its rise from 7 USD in 1998 and peaked at under 120 USD price zone after finishing a double top pattern it has dropped in 1999 to a under 7 USD value. For BTC we all had a pattern where we said it would do its next bottom at 6900-7000 USD and since we broke this trend everyone said BTC is DEAD but I have never heard or found anything saying Amazon is dead when it broke its trend and yes Amazon dropped to a value which was under its initial value before its bull run however AMAZON has its value over 1700 USD now which clearly shows that this was not a crash and AMAZON had the right development as an organization which lead to its today value and that is mainly because it was a great innovation towards e-commerce sector which we have today and there is the power of first comer in the market. So BTC is also a technology which is one of the greatest innovations in its technology over the past decade and BTC is at its phase where AMAZON was 1999-2000 and if Bitcoin team and the community develop the system in the right direction and more importantly adopting this system then the idea of BTC having a 200 000 or 400 000 or 1 000 000(John McAfee's bet) may not sound crazy at all and may actually be reasonable.
This is not a trading idea this is just to show similarities that we can see in trading and yes the history repeating itself is not reasonable in financial trading but people's psychology of trading stays the same and technology always finds its value as its the most valuable asset in the digital era.
This is not a trading idea this is just to show similarities that we can see in trading and yes the history repeating itself is not reasonable in financial trading but people's psychology of trading stays the same and technology always finds its value as its the most valuable asset in the digital era.
