So MSFM, how’s that Bitcoin Golden Cross working out? w/ Bonus chart of HUI

Mainstream financial media bullhorned a golden cross in Bitcoin just before it dropped (of course they did)

On September 16th the MSFM touted a Golden Cross for Bitcoin bulls to suck on and I, considering it almost my duty, made fun of them for it. Same shit, different day (and market). It never ends. Oh, and in order to read all about it, you’d have had to pay a fee for the honor of reading this tragically stoopid information.

On September 20th the Bitcoin price promptly dive bombed the golden-crossed moving averages and that was that. Regardless of what it does from here, punishment was meted out to those naive enough to take seriously the most idiotic TA novelty of all (Golden or Death Crosses of moving averages).

So if you did not yet know, now you do. Never ever but NEVER listen to any TA going on about a “golden cross” or a “death cross”, and be damn careful about any TA advising about a “complex H&S shoulders” pattern * or other mystical things he thinks he sees in his charts, for that matter (he = she too).

bitcoin

* A “complex Head & Shoulders” is after all some nerd’s way of trying to make a freakish pattern with either too many heads or too many shoulders (or both) sound technical. It isn’t. It’s a mess, a mutant. Could well be a bear pattern, but for crying out loud if you’re going to give it a name have a little originality, a little humor like for example, my old “Mr. Fat Head” that formed on the HUI Gold Bugs index from 2009 to 2012. This chart was included in NFTRH 674 to not only show some perspective on today and show Mr. Fat Head, but also to dredge up a mistake I made back in 2010 targeting – yup, another nickname – the 3 Snowmen Target of 888. 

hui

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