generally speaking i believe that TA is not working that is why it is not even considered real "science". it is a bunch of lines on charts! then we start on cryptocurrencies, bitcoin for example and the accuracy of it drops a lot. then we start on altcoins and it becomes even worse to a point where it becomes completely useless. add to that manipulations of altcoins and TA becomes 100% useless.
it is a good tool too have though. you can use it as some sort of guideline to predict the most possible scenario to happen. it doesn't have to come true but it is not a bad thing.
Topic: Do you believe in TA for cryptos? (Read 221 times)
After reading lord knows how many words on the subject, I've yet to see a single thing that convinces me it has any value whatsoever. Everyone's solemn proclamations seem to get blown to pieces time after time after time, and usually within a few minutes as well.
Ultimately it's just used to back up someone's bias and they're all pure guesses. If there is enough of it from enough people it can become self fulfilling prophecy so in that sense it is valid, but that's about it as far as I'm concerned.
Ultimately it's just used to back up someone's bias and they're all pure guesses. If there is enough of it from enough people it can become self fulfilling prophecy so in that sense it is valid, but that's about it as far as I'm concerned.
I try to stay away from TA, I believe that in such a highly speculative and emotion-driven market like the cryptocurrency market, technical analysis just doesn't work, and it baffles me that there are so many people who take TA for granted and make cryptocurrency related decisions based only on TA charts. They might work as another tool to speculate about the upcoming movements in the market, but nothing more, they won't help you predict the next uptrend or the next buying/selling opportunity.
I'm not that Technical to begin with, I just know few basics so I must say that TA doesn't work in a very volatile market such as crypto. But its a good guide though and I saw one market analysis before (I forget her name), that predicted the price of bitcoin going down because of her analysis. This is weeks before the China closing its exchanges and subsequent FUD's following that announcement. I'm sure she is no fortune teller and didn't see the China crisis, but her predictions "accurately" pinpoint that the market will plummet based on the chart she graphs. So for me TA is 50/50, it can go either way.
In general I find TA rather silly, however it is definitely worth knowing some of the basics as to be able to understand how the other market participants tick. At least support and resistance levels seem to play an important role in crypto, if only because other people believe them to be true, making the confirmation of support and resistance levels a self fulfilling prophecy.
TA exists; for example, support and resistance are definitely real, however, some people can get carried away in the sense that they believe technically 100% where a price is going
It depends on your definition of 'works'. TA should be used to advise you on decisions and potential trends, it should not be used to identify buy/sell points with 100% certainty. The market is constantly changing and even if you use TA you need to be able to adapt to that. The biggest driver behind the market is news.
Does it really work or not?
It can work and it can not.
Some people blindly believe in certain TA, and other people completely discredit it. I think that it probably falls somewhere in between. Some historical trends can still be referred to in order to predict future outcomes.
TA is still speculation, and just because that someone says it will happen, doesn't mean that it will actually happen. TA does work better in the short term I believe, if you are watching BTC for the long term you're probably better off going with your gut feel.
It's a strategy that can be used to predict the price of crypto, so it's something that you could believe in. But, currently in the situation of the prices in crypto, abnormal fluctuations are sometimes happening, so TA isn't much reliable at some times.
Here's an article that might be helpful in understanding Technical Analysis: https://steemit.com/cryptocurrency/@crypto-ta/how-to-use-technical-analysis-to-profit-from-trading-cryptocurrency
Here's an article that might be helpful in understanding Technical Analysis: https://steemit.com/cryptocurrency/@crypto-ta/how-to-use-technical-analysis-to-profit-from-trading-cryptocurrency
Does it really work or not?
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