I maintain that historical price charts are great for predicting the past. This is meant to sound like a joke but it isn’t.
Price charts are maps and maps give people a guide to the future because they give context. The markets are not trendless and while they might not often give out hints of the immediate future they certainly tell the story of the past and the story so far.
This is bitcoin’s chart up to July 13, 2018. Bitcoin is in a bear market, currently clearly trending lower: The Bitcoin price chart from April 2017 to July 2018Credit: ADVFN Bitcoin has been a bubble for sure and that bubble has burst, just like the dotcom bubble before it.
Just like the dotcom crash, if you can buy at the bottom you will make a killing going forwards. To my eyes this chart says there is another final leg to fall but that is opinion.
What I want to see is a bottom in the market that follows on a final crescendo of collapse. You might say we have had that already, but I don’t think we have. Read more from forbes.com…
thumbnail courtesy of forbes.com