The last point I made still stands and went unanswered. Is there anyone who predicted DRK's rise on technicals?
You're right. Fundamentals ultimately decide the valuation of an asset - not technicals.
But once a move is initiated, technicals allow you to identify the cycles within the movement that are propelling the valuation short term.
These cycles are unambiguous because they are calculated from moving averages, so you can decide if you want to trade over a 2 day period, a 1 week period, a 15 minute period or whatever.
The thing is, you need both: fundamentals to come to your long term conclusion about whether the asset is a "short" or a "long" (i.e. whether you like it or hate it
) and then technicals to tell you when to place the trade to optimise your gain. If you read back over mikey's posts, he's done just that:[1] - he decided he "liked" the asset based on fundamentals and went long
[2] - he then reverted to technicals to let him know when to place the trade and take profits
...and now he's letting the rest of us know as well. Doesn't mean you have to sell - not everyone's a chart reader and it is wholly legitimate to just buy something and hold long term. But just remember one thing:
Outside of the crypto world, when you put money in a pension scheme or a building society account or a gold fund or an oil fund, you have an army of highly experienced, highly motivated professional traders doing the dealing on your behalf and sweating buckets about losing their bonuses.
In crypto, it's every man for himself and those that ignore even the most basic level of technical analysis will get eaten alive for breakfast by those that don't. A good recent example was the Cinni coin pump a few weeks back. It was clear to all and sundry who were watching charts that that coin was headed for 10% of its high right after that pump, and yet if you look back at the thread there were loads of people still hanging onto to and "believing" in it weeks afterwards. The rest is history.
As I say, I don't want to detract from the real business of this thread which is the coin development and can understand the frustrations of those that get sick of all this price speculation, but I feel it's important to try to bring some perspective to the debate that professional "shark" traders usually keep held close to their chests.
mikey was trying to do that and got mud thrown at him when in fact people should have been biting his hand of for everything he knows. Doesn't mean you have to agree with him - he's not a soothsayer, but he did have some valid perspectives to bring to bear on the discussion.
There probably is - we've got to separate out market stuff from development stuff (which is why I agree with the appeals for a separate "speculation" thread).
