Everyone just shut up and trade. Thank the Chinese for all this magnificient volatility and profit making opportunities. It's not like you don't get ample TA indicators to tell to buy and sell when the trend is changing. The candle didn't just go straight down to 700 to 340 or straight up from 340 to 540 or straight down thereafter and then just die at the new level. No. There are ample bounces, indicators, and opportunities. You have hours to realize the 1H MACD is going down and then days to realize the 4H and 1D are going down before most of the damage is gone. But instead of paying attention you sit there in some state of denial complaining about how chinese shouldn't be able to control the trend. You ignore the chart indicators because of your belief, and then complain later and ask why you are losing. "but... but... it's just china fud. the west should control bitcoin". Well that's too bad. You just have to accept reality and roll with the punches.
Spoken like a true bear turned bull 36 hours ago and $55 higher.
Reasons why I felt bullish the other day:
1. A 3D MACD cross seemed inevitable
2. There were giant surges in altcoins.
3. It broke the linear downtrend line on bitstamp and the logarithmic downtrend line on huobi.
4. A major support level had been broken only to fall $40
5. It bounced all the way back into the middle of the previous trading zone's range, indicating weakness in the downtrend.
6. De-patterning from the 2011 crash due to #4 and #5
7. There were 3 large daily up candles in a row, which hadn't occured since January
8. All of the Chinese bank shutdowns might have in fact been a hoax
Now I realize that none of these are confirmations that a bull market has begun. However, it does make me much less bearish than earlier when I thought we were mimicking a 2011-like crash and heading to $180.
