Another weekly green candle - albeit long legged dojo.
It has been said that reproducing 2013 weekly green pump candles with 100 Stoch RSI as seen in data below is impossible as this was done at the hands of the Markus and Willy bots. Not so. These two automated characters did not carry the show all on their own. You would be mistaken to think that they did. Never mind that Bots have come a long way in 6 years. Buyer to Seller bot or no bot. Cash in. Cash out.
It does feel temporarily overbought but as an asset the math/demographic dynamics put Bitcoin in a completely different league of its own. This bias is profound. (There are 36 million millionaires in the world. If each one of them bought just 1 BTC it would be just .85% of their wealth and it would engulf the entire supply of Bitcoin). This dynamic can make the fundamental 1995 corn squeeze look like kid stuff. This bias is real. The debt to GDP levels of all the major countries are astronomically real. As a trader, you must be keep this mind. Stoch RSI at 99.6 or not. As an investor, the same. Toto we're not in Kansas anymore.
Date Stoch RSI Close Following ATH High Increase
6/18/12 100 6.4 16.41 156%
2/11/13 100 26.98 259.34 861%
11/11/13 100 477.38 1163.00 144%
12/12/16 100 788.67 1139.89 45%
12/12/2016:
Subsequent Lower Low Drawdown Ultimate High Ultimate Inc
751.34 -5% 19667 2394%
It has been said that reproducing 2013 weekly green pump candles with 100 Stoch RSI as seen in data below is impossible as this was done at the hands of the Markus and Willy bots. Not so. These two automated characters did not carry the show all on their own. You would be mistaken to think that they did. Never mind that Bots have come a long way in 6 years. Buyer to Seller bot or no bot. Cash in. Cash out.
It does feel temporarily overbought but as an asset the math/demographic dynamics put Bitcoin in a completely different league of its own. This bias is profound. (There are 36 million millionaires in the world. If each one of them bought just 1 BTC it would be just .85% of their wealth and it would engulf the entire supply of Bitcoin). This dynamic can make the fundamental 1995 corn squeeze look like kid stuff. This bias is real. The debt to GDP levels of all the major countries are astronomically real. As a trader, you must be keep this mind. Stoch RSI at 99.6 or not. As an investor, the same. Toto we're not in Kansas anymore.
Date Stoch RSI Close Following ATH High Increase
6/18/12 100 6.4 16.41 156%
2/11/13 100 26.98 259.34 861%
11/11/13 100 477.38 1163.00 144%
12/12/16 100 788.67 1139.89 45%
12/12/2016:
Subsequent Lower Low Drawdown Ultimate High Ultimate Inc
751.34 -5% 19667 2394%