The sage Burt Blumert once wrote about chartists,
I’m talking about those arrogant snobs who promote the belief that the future performance of markets can be predicted from analyzing yesterday’s lines and dots on a page.
This group is deadly dangerous: They leave empty bank accounts and broken spirits in their wake.
Look, if there are customers willing to pay the Gypsy lady to read tea leaves, that’s OK with me. After all, she entertains her clients — but never presents herself as possessed with a body of scientific knowledge.
Even the Voodoo Priest who predicts the future by reading animal entrails, never confuses the source of his dark knowledge with human reason.
Of all the mystics, only the Chartist pretends a rational basis for his gobbledygook. The Chartist further elevates his status by including himself in a larger, even more virulent group that label themselves as “market-technicians.”
With crypto-favorite Bitcoin now trading at $7,317.44 as I write, and Main Street along with Wall Street suddenly interested, the technical analysts are judging the price action, rather than just the cryptocurrency evangelists who say, as a friend summarizes: “Bitcoin is gold-squared. Bitcoin is good. Trade bitcoin, Use bitcoin. Liberate the world. Money doesn’t matter–freedom does. Bitcoin will make us all rich. But especially you.”
Omkar Godbole explains on Coindesk.com,
After the cryptocurrency printed a fresh record high of $7,454.05 on Coindesk’s Bitcoin Price Index (BPI) earlier today, BTC has failed twice to hold above $7,400 mark.
The price action, when viewed on the technical chart, shows a “textbook” bull market exhaustion pattern – the first legitimate sign of a tired market after…