(1) Technical analysis can predict news as I mentioned because of "insider trading". This is now an open fact on wall street as "secret" government reports were legally leaked to subscribers. Their orders appeared on the tickers long before news was released. There are always people in the now. Of course this doesn't include tsunamis, alien invasions, etc. But any sort of government or orchestrated news announcement is definitely leaked early.
(2) 1300 Fair Market Value from Bank of America came down from a highly reputable analyst. It was important news for bitcoin. But you have to read the whole thing. He was saying that 1300 was fair market value in the future *IF* certain things happened, such as 10% of online transactions being through bitcoin, etc.
But my motto, and my mantra never change. Control your risk, and the good times take care of themselves.
: )
cj
Topic: [Flash Report] Bitcoin Pullback - 12/05 NY Lunch (Read 1076 times)
but this happened on the back of news... can technical analysis really predict news?!
Honestly I think techincal analysis and fundamental go hand in hand. I think it might take something "fundamental" which would trigger technical patterns and everyone looks at technical patterns so if for instance it breaks support and everyone is watching that support, it will make ppl more likely to sell.
I can't believe there are reputable companies sending out techincal analysis of BTC now. I saw Bank of America put a $1300 price target on BTC wow haha.
but this happened on the back of news... can technical analysis really predict news?!
Unfortunately last night's warnings came true. In fact the trendline break and confirmation (similar to the triangle break pattern I sent before) confirmed the collapse literally hours before the actual drop in price. Many would say the drop in price was due to the news of China, etc.
Technical Traders argue that there are always "people in the know", or insiders (possibly inside the Chinese government) who tell their friends and family, "sell your bitcoin now". The fingerprints of these "insiders" can be seen on the chart, and warn technical traders before the news actually comes out.
This has been true of almost every significant drop in price in history. Whether it was from insider trading, or the Technical Analysis god's taking pity on us chart watchers, nobody knows. But the fingerprints are almost always there.
As for bitcoin pushing back up. there are several technical things that need to happen before bitcoin can resume it's uptrend and recovery in a steady fashion.
* Disclaimer: The severe warnings mentioned in this post, only went out to our traders last night. I will always publicly only post moderate cautions, because I never want to be accused of causing a panic.
Technical Traders argue that there are always "people in the know", or insiders (possibly inside the Chinese government) who tell their friends and family, "sell your bitcoin now". The fingerprints of these "insiders" can be seen on the chart, and warn technical traders before the news actually comes out.
This has been true of almost every significant drop in price in history. Whether it was from insider trading, or the Technical Analysis god's taking pity on us chart watchers, nobody knows. But the fingerprints are almost always there.
As for bitcoin pushing back up. there are several technical things that need to happen before bitcoin can resume it's uptrend and recovery in a steady fashion.
* Disclaimer: The severe warnings mentioned in this post, only went out to our traders last night. I will always publicly only post moderate cautions, because I never want to be accused of causing a panic.
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