BTC bearflag+overbought RSI

This is crazy. Does anyone believe that this constant rise is normal? we were trading BTC for ~1k$ at the beginning of this year and we are slowly approaching 10k.
300b$ mcap... in just 1 year. There is no fucking way it happened just because people are buying it.

revolution

there is nothing revoulitionary with segwitcoin

>That's not a bear flag

BTC is an asset the world has never seen before. It's purchasable by just about anyone, has a limited supply and it's very secure. It's price is completely dependent upon supply/demand and supply is really low because everyone is bullish which makes the price skyrocket without needing a massive influx of cash.
Except there IS a massive influx of cash as people and corporations are buying into it. So what you have is everyone is super bullish, limiting supply AND demand is huge as everyone wants to get their hands on it.

The price rise is perfectly explainable with these two factors. The tether stuff could literally all be BS and it would still make sense.

The price has already set a new ATH and broken up out of your bear flag you fucking brain dead user.

Don't fucking bother trying to use TA, you're too stupid to.

imagine you are observing two men in a store, Al and Bob. Al has a box in his hand.

Al: Hey Bob, I'll sell you this box for $10
Bob: Sure! Hey, I'll sell you this box for $20
Al: Sure! Hey, I'll sell you this box for $30
Bob: Sure! Hey, I'll sell you this box for $40
Al: Sure! Hey, I'll sell you this box for $50
Bob: $60
Al: $70
Bob: $80
Al: $90
Bob: $100

Now you pause to wonder, how much volume just transacted? What is the cash balance of the two men (compared to the starting balance)? Should you get in on this action and what should you pay?

You decide you want to buy this box for $110! You offer to sell it back to either Al or Bob for $120 but neither want it. You open the box and it is empty.

Except there's also a Ben and a Jerry watching.

When Al and Bob decide it's worth nothing and you realise it's worth nothing, Ben decides to take it off your hands for a whole $10.
You're happy because you got $10 back instead of nothing.
Except Ben then says that this box is one of a kind and there'll never be another one like it and he also points out that it's a pretty nice box.
Al and Bob are done with it, but Jerry says "Fuck it, it's a nice box, I'll take it for $30."
Now Al and Bob are interested again, you're interested again and 5 more people walk into the store and suddenly the box is worth $1000.

It's an empty box sure, but it's one of a kind, well made and everybody wants it.

I'll bet you failed kindergarten.

...

>overbought RSI means nothing in crypto
Literally the only indicator for most big crypto coins that is never wrong. It is the answer to "whoa I just made a lot of money. When do I sell?"

>Now you pause to wonder, how much volume just transacted?

This line alone confirms that

Literally parabolic. Crash soon

No it stayed perfectly in you fucking pajeetbrain.

The daily RSI has been overbought since BTC hit $5k dollars.
It means fucking nothing.
You can extract bearish divergence from it, but even that can be very misleading when trying to call a top.
Bitcoin Schmitcoin tried to call a top at $3800 and he got burned.

it doesn't have a pole retard

>making trading patterns with such few candles

It's struggling with 1M yen resistance, but it's in the process of breaking up.

Sell/short bitcoin though, I tried to warn you.

Been trading for 5 years.

Every single technical indicator is actually useless. They do not predict the future in any way whatsoever.

Enjoy losing money.

Oh would you look at that.
ANOTHER FUCKING ATH.
What don't you get user? How can you be so braindead?

Holy shit you're retarded

They can work, I've used them quite a bit. You have to be a smart cookie though. Most people aren't equipped for it.

just as it was at plenty of the other peaks...

Lol... there's a 50% chance you were going to be right anyway, so you're just writing off your luck as success.

You probably have no idea how technical indicators work. What the fuck does overbought even mean? Can you define RSI without googling it? Faggot, they don't work.

all the elite mmorpg legends have no problem with the crypto auction houses.

Yup. Back in 'Nilla, we had to walk uphill 40 miles both ways in ten foot of snow with 40 arrows in our backs to the Auction House.

It's about to break $8900.
It'll hit $10k by monday. Then huge sell of. A ton of people have exit points at 10k

HOOLLEEEE MOTHER OF GOD $8737!!!!!!!!!

I don't use RSI. I use trading patterns, bollinger bands and volume. Support and resistance too, but they're not too important.
It only works when the market is moving organically, not when some faggot whale decides to spike the price $300 randomly.
ETH is usually better for displaying the patterns, but sometimes the market manipulation fucks with it too much.

I trade on shortish to medium term timescales to predict movements. I really only use triangles and wedges as they're the most reliable. When an organic pattern forms, I eye the price like a motherfucker and act before the market makes the move, not like some faggot who waits for confirmations. Confirmations aren't necessary if you have good intuition.

I used to make a lot of money, I made a lot during the Summer because I had spare time, but can't dedicate enough time to it anymore.

thse are complete mambojambo ta indicators. you might even want to backtest shorting overbought rsi and longing oversold, very negative retruns from btc. now there are profitable ta strategies on btc still but definitely something like rsi people dont understand at all, misused and pretty much worthless

It wasn't 50%, the market was acting bullish. Why would it go down after so much consolidation?

>he said, just before BTC surpassed 10k and never returned to Earth

if you trade indicators whether it's moving average or volume or whatever, you always need to backtest them. 100-500 trades per asset class / instrument, the slower timescale the better. include speards and fees. worthless to backtest something such as dow 50 years past as market dynamics changes dompletely 15 years ago, making traditional strats worthless while they used to be insanely profitabe le 30 years ago

and even 99% of backtesting is done incorrectly fitting strategy's parameters to the past data thus worthless.

shortard in disbelief

Only use fibs.