However, this just looks like another mild correction on the way up. I mean, we went up 70 points on Gox in less than 24 hours. There needed to be a correction.
I agree that this does not yet have the feel of a big correction, where bears sort of signal each other with consecutive sales, following an exhaustion of the buyers at the peak.
We are witnessing price discovery.
BTC is not a stock, it has behaved like one, but what it is, is now being "discovered".
Do not worry about oversold, overbought, MACD crossing, etc.
We are looking at an entity that is a: stock (in a sense, ownership of the network), protocol (to be used for other things as well - e.g. stock ownership, voting, ownership tracking, etc.), a payment system, a currency, an asset (this seems to be primarily how it is viewed right now, commodity, etc.
If we continue to look at it like a singular entity and not the complex... for lack of a better word - digital honey badger that it is, it is going to run and we will still be trying to make sense of the chart. Once we have more data (months to years), then TA will make more sense. Till then, enjoy the ride.
Agree. Only relevant metric appears to be the difficulty rate changing. The Blockchained.com charts are the best indicators as to where it is going long term. Note: some of the charts are logarithmic!!
