About a month ago, I wrote this:
https://steemit.com/bitcoins/@kenraphael/there-is-little-chance-bitcoins-can-sustain-any-real-recovery-until-this-fundamental-metric-begins-to-turn-upwards-again
based on fundamentals analysis of bitcoin blockchain metrics. This is what the daily unique address chart looks like today:
Source: bitcoin.info
It showed a downward trend since late December and still continues to do so currently. Please check that article for an explanation of what this metric shows.
Through that time, social media analysts have egged on newbies and normal folk with other skills (who do not think they are experts in investing) and led them into putting funds into the market at bitcoin prices of $12K, 11k, and even earlier on at $17k when fundamentally it was already clear that metrics could not sustain a recovery. Yes they put the disclaimer on their predictions. But who would want to miss an opportunity at bitcoins at $12k when they see drawings and lines sending it to $15K soon. Or bitcoins at 10K when they claim to see a head and shoulder and the mark 12K on the charts next.
Just a few days ago many were claiming they saw the end to the correction, and then inverse head and shoulders pattern which they then got rapidly changed to an inverse head and shoulders few days later. And without ever explaining why they were wrong so many could factor that in next time.
Some of these analysts may mean well. But in reality, there is no short term chart pattern that routinely fits the current observation and that's because price is an output and can not tell what will happen next beyond the pattern it is currently expressing. Fundamentals are based on inputs so provide more valuable insight into value. And yet both are susceptible to events. It is pretty much stupid to claim events will not affect price trajectory or sentiments. For instance, if a major economy announces bitcoin as legal tender today (unlikely) it would definitely influence the pattern that would be expressed next. Even then, sometimes the best thing in many cases is to invest based on value and stick with those valuable assets when they are based on true research and understanding of such assets.
Example analysis with all kinds of supporting lines even while there was no recovery yet. Source: social media analyst deliberately not identified.
Following trading analyst recommendation is potentially harmful, and I haven't found a single person that did better this way. New blockchain enthusiasts should be better encouraged to learn the underlying technology and how to determine value. Understand the fundamentals, and not follow trends and support lines drawn without any fundamental basis or serious analysis. That art is inept in the current market which is driven by fundamentals as shown in several prior posts. If you must though I found a good guide here making light of current chart analyses (thanks 
About the Author
Ken has a doctorate in Engineering, and a master’s in Computer Aided Engineering, An IT professional, programmer and published researcher with over thirty publications in various fields of technology, including several peer reviewed journals and publications.
Legal Disclaimer: I am not a financial adviser and this is not financial advice. The information provided in this post and any other posts that I make and any accompanying material is for informational and educational purposes only.
It should not be considered financial or investment advice at all. You should consult with a financial or investment professional to determine what may be best for your individual needs.
This is only opinion. It is not advice nor recommendation to either buy or sell anything! It's only meant for use as informative, educational, or entertainment purposes.
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