Objectively, a positive picture, and yet many would view it in utterly negative terms.... due no doubt to buying high.
It's simple mean of prices that gives a regression curve around which price oscillates.
What's interesting is a changing dynamic [that denotes a maturing market imo] - price has stayed above this mean for quite some time.
The contraction of prices around that regression curve corroborated by the MACD on both weekly and monthly time-frames.
What does it represent? The capitalization of a nascent currency imo.
What's crucial in this picture, due to volatility within a bandwidth, is your buying level.
What I find interesting here is the reverse symmetry of this pattern... as if grand cycles were breaking up as the market becomes more liquid/ mature.
And with the LGC drawn around the regressive mean of prices. It may not be the most popular model out there, but at least it has an increasingly narrow range by which it could be invalidated...
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Of course, a naive linear/ deterministic mindset will always struggle with the mapping out of various possibilities aka risk management. The paradigm is strong.😎
Reminder: BTC is in a secular bull market. Don't confuse realism with bearism.🙂
Perceptions are relative. When you're used to seeing hyper-bull posts, realism will *appear* bearish. The reality though is realism is bullish... even with consolidation.
The LGC represents both this secular bull market and the wall of worry that all bull markets climb.
The flaw of hyper-bull posts was the suggestion that it would all be a walk in the park.
The dynamic of this market is starting to now look qualitatively different. What was before an idea [due to increased liquidity and a maturing market] is beginning to be confirmed in the price action. All good.
The point of this post is that, from the macro perspective, even if we were to see an extended consolidation from here this need not be though of as a 'bear market'. That kind of outlook [fear] belongs to a more immature phase of the market along with talk of mulit-year cycles.
Even if price carried on up in the channel at this rate, it would not hit 100K by December.
I'll always answer the odd question or comment that I think might be genuine. Other posts that are obviously boorish or trollish, I'll be blocking for a few months.
For those overly concerned that my realist charts serve to restrain buying at high levels, don't worry. My small account is going to have next to no affect on the market [prob holds for CT altogther]. This worry may actually only be a form of paranoia.😉
A few more weeks, and you'll have the longest correction within what most term as a cyclical/ bull run up. Portending a double-top?
This would also work in with the absence of a blow-off top that confounded so many. This kind of new price action may reflect an increasingly liquid and maturing market...
Model of the LGC primarily. Add to that, the consolidating monythly MACD, and reasonable to think double top.