Easy to say in hindsight.
But fact of the matter is that before it happened, or ex ante, no one could have told that this wasn't a bearish move.
This is why TA doesn't work. You could look for patterns all you want, but at the end of the day, how do you recognise whether or not a particular pattern is legitimate or actually noise in the larger picture? It simply doesn't work out that way. Markets are virtually random distributions of outcomes.
Basically just look at the price and see it dropping, if it is dropping then it means it will go up. I know that may sound weird to some people, but going down can be only reversed to going up, sure it could keep going down, but that doesn't change the fact that it will eventually go up.But fact of the matter is that before it happened, or ex ante, no one could have told that this wasn't a bearish move.
This is why TA doesn't work. You could look for patterns all you want, but at the end of the day, how do you recognise whether or not a particular pattern is legitimate or actually noise in the larger picture? It simply doesn't work out that way. Markets are virtually random distributions of outcomes.
We saw the price going down, and we realized that it could be back to 60k one day, that "one day" could be any day, it could be tomorrow or it could be 2022 or even later, but it WILL happen one day. That is why we started to buy as much as we can, since making 2x profit is a great deal, if I do it in a year then I made 100% profit in a year, if I do it in 2 years that is 50% a year which is still good, if I do it in 3 years that is 33% which is still quite awesome, even in 4 years that is 25% and very nice. So, long story short we are talking about something that is quite easy to guess why we bought.
