RE: Bitcoin (BTC) Morning Update: Beware of GIGO Analysis!!
Right now it is but you have to understand that right now, day traders are handling the scene and are in FULL CONTROL - they jump out of bitcoin and litecoin and into ethereum to drive it high (bitcoin has just fallen by 800 while I write this), then they stop the eth pump and jump right back into bitcoin or ripple or whatever, they're on this all the time, there's always dozens of them betting together, they hand out in chat rooms... so this is what causes the elongated flat jumps.
In such a scenario, all the nice triangles only hold if they are long-term triangles that span a week or more... the same is true for Elliott Waves.
While otherwise, there's strong signals of bull exhaustion as money has stopped flowing in. It's hard to tell that from a "major correction" (bitcoin just fell by a full one thousand dollars since morning, that will cause a panic in many newbies I'm sure), and I wouldn't be surprised if haejin would now say that I just found an explanation for his 3rd scenario prediction.
Both approaches are valid, obviously... so lets wait for the eth hystery to end as it soon has to - stay alert and consider taking profit before the next dip - or hodle through ;)
Day traders are not averse to ethererum going up to $1000
It's not about who's moving the market or us against them or good and bad or right and wrong.....this is trading....it's about being in the right place at the right time.
I know you were exaggerating a bit when you say "FULL CONTROL" - but still....that's a bit over the top. They can't be in full control unless they own everything. Awareness and foresight is the key here, not being in or out when they make a move....because unless they own most of the market...and they don't, they can't do much to it. Yes, large groups can certainly move the needle a bit, but any hysteria is lodged within the person who expresses it.
Everyday I hear or read about this group or that conspiracy that's going to do this or that, or is doing it. To me, it's just another day at the office. The only control they have is over their own funds....anyone else making moves is doing that on their own accord, and if that's reactionary....well that's on them for not understanding the fluctuations of the market place.
Just another day at the office.