Good point. It's kinda hard to determine which term length is the right one though. Should all history necessarily be considered? If not, what part of it is relevant? I'm not completely sure.
The answer is none of it.
You can't predict future price that way.
Well, maybe YOU can't.
TA is still fun and there is tons of empirical evidence that its fruits, when properly backtested, can provide steady profits.
Even if said evidence did not exist, people would still do it if they acquire enough enjoyment from the activity.
No matter how much you tell people "you can't" about ANYTHING, there will always be at least someone who will attempt to do that thing.
Sure, I enjoy reading my horoscope too but I don't use it for investment advice.
I was simply stating that there was no right or wrong answer because there isn't any correlation between a line you draw on the graph and bitcoins future movement.
I admit that some kinds of TA are fun, and some kinds of TA are useful, I just get a little weary when TA is approached more as scientific fact than it should be.
