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).
* 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.
Now offering a 2 week free trial to the NFTRH Premium service with no obligation whatsoever. Sign up by PayPal, enjoy 2 free weeks of on-point market management and if it is not for you, cancel at any time with no further obligation. When you find that it is for you, stay on for as long as you like and let’s manage and take advantage in a cold and rational way as we head toward 2022 and its new macro challenges. 1st time subscribers only please.
For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates and NFTRH+ dynamic updates and chart/trade setup ideas. Subscribe by PayPal or credit card using a button on the right sidebar (if using a mobile device you may need to scroll down). Keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.