...a big flush is coming?
This giant inverted Cup and Handle formation caught my attention back around April of this year however it was too bearish even for me. Today I thought that sharing this idea might save someone's butt. I'm probably wrong but this portal is just for that, right?
I know, I know, my ideas are slowly boring everyone but who would I be if I wasn't tempted to throw something like this in.
Many probably see me as a prophet of bears, and maybe there's something to that, but it's not so. I personally consider myself a proponent of crypto and I think it's a technology that will become something normal for the masses in the future (just like TV or the internet) but when I look at these charts they just don't look bullish to me.
The current situation reminds me a lot of the "dot com" bubble, when we had a rash of various startups valued at astronomical sums but with no real foundation for success. It seems to me that we are just at the verge of a similar collapse.
How many of the current cryptocurrencies have any real meaningful use? Can anyone point to at least three cryptos that will become permanent fixtures in our lives? I don't think I can. I think even NANO may not be up to the task, although I believe in this project.
In my opinion, the only reason why all this still holds water is just that many of us (including me) simply want to make money from it. Personally, I don't see anything wrong with that, it's our human nature. However, this desire for profit does not blind me completely hence I try to look at all this from outside the box, as it were, so as not to be unexpectedly surprised. That’s all.
And as always, I remind you that this is not investment advice.
This giant inverted Cup and Handle formation caught my attention back around April of this year however it was too bearish even for me. Today I thought that sharing this idea might save someone's butt. I'm probably wrong but this portal is just for that, right?
I know, I know, my ideas are slowly boring everyone but who would I be if I wasn't tempted to throw something like this in.
Many probably see me as a prophet of bears, and maybe there's something to that, but it's not so. I personally consider myself a proponent of crypto and I think it's a technology that will become something normal for the masses in the future (just like TV or the internet) but when I look at these charts they just don't look bullish to me.
The current situation reminds me a lot of the "dot com" bubble, when we had a rash of various startups valued at astronomical sums but with no real foundation for success. It seems to me that we are just at the verge of a similar collapse.
How many of the current cryptocurrencies have any real meaningful use? Can anyone point to at least three cryptos that will become permanent fixtures in our lives? I don't think I can. I think even NANO may not be up to the task, although I believe in this project.
In my opinion, the only reason why all this still holds water is just that many of us (including me) simply want to make money from it. Personally, I don't see anything wrong with that, it's our human nature. However, this desire for profit does not blind me completely hence I try to look at all this from outside the box, as it were, so as not to be unexpectedly surprised. That’s all.
And as always, I remind you that this is not investment advice.
Comment:
I updated the chart a bit and it seems to me that something big is about to happen. The Nano follows the white line of the downtrend and every time it touches it, it is rejected. The last touch was in April and there have been no further attempts since then, so it seems logical to retest this area right now. What happens next will determine the subsequent trend.
