Resistance Is Useless: Comparing Bitcoins to Apples
Although my last post was about why I plan to scale out of some crypto in the coming months, especially if prices continue to increase, this is just an example of how something can just keep going up. The market defies logic. If Bitcoin breaks above that log curve, it can go even to 400k. It's hard to imagine the level of FOMO this would require, and things feel bubbly as it is already.
On the right, you can see how AAPL broke out above a 20 year long resistance line (orange) AND above what seemed to be a 15 year long curved resistance (yellow). Bitcoin's curve has only existed for 10 years. Let's see what happens! It'll also be interesting to press play in the future, to see where Bitcoin ultimately finds support and resistance, based on the curve (pink) and the channel (orange). X's mark spots where I think we can hypothetically see price find resistance (green) and support (red), in the case of extreme market behavior.
Regardless of what happens, I think we're getting closer to a blow-off mania phase. My view on the market honestly hasn't changed much since May, when prices are much lower. I've linked a bunch of my posts below, which explain roughly how and why I think we've reached this point. Please enjoy!
This is not financial advice. This is meant for speculation and entertainment only.
-Victor Cobra
On the right, you can see how AAPL broke out above a 20 year long resistance line (orange) AND above what seemed to be a 15 year long curved resistance (yellow). Bitcoin's curve has only existed for 10 years. Let's see what happens! It'll also be interesting to press play in the future, to see where Bitcoin ultimately finds support and resistance, based on the curve (pink) and the channel (orange). X's mark spots where I think we can hypothetically see price find resistance (green) and support (red), in the case of extreme market behavior.
Regardless of what happens, I think we're getting closer to a blow-off mania phase. My view on the market honestly hasn't changed much since May, when prices are much lower. I've linked a bunch of my posts below, which explain roughly how and why I think we've reached this point. Please enjoy!
This is not financial advice. This is meant for speculation and entertainment only.
-Victor Cobra
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