This is like the bounce from 120 to 145 in april, after the drop from 165 and before the drop to 80.
The symmetry.
The symmetry.
Hmm, all I see is the post-overshoot ringing pattern, same as April. That tells me we're settling somewhere near this price, and the long-term aftermath of April would tell me we'd be in for a bear market after the price settles.
But the positive news cycle hasn't slowed ($25M for Coinbase in Series B? Are you kidding me?), so the bear market will probably be exceptionally brief, if it manifests at all.
Here's what I'm talking about. Top is March-April. Bottom is prior 60d.
The ringing cycle is shorter (system is more highly damped) because the market is larger and confidence is greater.
Similarly I expect a shorter bear market, if it manifests at all.
On the other hand, bulls will be pleased to know that I said this a month ago at the giant beartrap, shortly before it established new ATHs.
Another sell off developing.
Yup, typical "ringing" pattern after the overshoot blow-off. Same as April.
Yawn. Predictable.
We can either look at this as me being wrong, or there having been two consecutive bubbles. I prefer the latter.
You don't really believe in all this stuff right? I mean you're just joking with all those lines and comparing charts etc right?
I absolutely believe a system seeking equilibrium will exhibit ringing behavior after a significant perturbation.
The lines are garbage, of course, but you should expect that pattern after a bubble has popped - just like it manifested in April. So I think it is indeed informative that we're seeing that pattern now.
