5 ms·

Resistance level? It's 2017 and you still believe technical analysis BS?

paxpelus 9y ago
Not 100% and surely I don't believe I can predict price movements with TA. But resistance levels can help a bit. Don't forget that cryptocurrency markets are yet immature and self-fulfilling prophecies is something de facto in them
jamiegreen 9y ago
what is a better way to decide on buy/sell signals for cryptos in your opinion? Genuinely curious.
- ceejayoz 9y ago
  If you're willing to gamble, buy and keep buying, and hope it doesn't crash. If you're not willing to gamble, go by an index fund instead. Anyone who thinks they can figure out buy/sell signals for cryptos right now is a lunatic.
- dna_polymerase 9y ago
  1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit
  - oldsklgdfth 9y ago
    What kind of apps can be built in the crypto ecosystem?
    - SCHiM 9y ago
      The illegal kinds that have high demand, like darknet markets.
    - paxpelus 9y ago
      All kind of apps that can be built utilizing the power of fiat currency. Example 1: I can build a blog and start accepting donations in cryptocurrencies - same goes for online games etc. Example 2: I can utilize the blockchain to proof authenticity of a document, image, sound, will, legal document etc. Example 3: Filecoin, Siacoin, Storj - P2P file hosting Example 4: Aragon - Decentralized trust-less companies - Test their alpha version - it seems the solution on the governance of open source apps Example 5: Decentralized exchanges - check etherdelta. The above are just really basic examples - we are still in a really premature phase. The whole point of cryptocurrencies is that I can trust and exchange labor, money or whatever with anyone worldwide without me even knowing them. The worldwide economic crashes were the result of people trusting 3rd parties such as banks, investment firms etc. This problem can be solved.
    - thephyber 9y ago
      "21" has a framework to assist it and a handful of developers have already built apps: https://21.co/mkt/ https://21.co/mkt/
    - alexmat 9y ago
      I think it will be big for virtual gaming assets: https://spellsofgenesis.com/ https://spellsofgenesis.com/ and https://www.ageofrust.games/ https://www.ageofrust.games/
  - deleted 9y ago
    [deleted]
- paxpelus 9y ago
  Buy when everyone is selling like a maniac and cross your fingers. You should not invest what you cannot afford to lose. High risk - high gain...
- louprado 9y ago
  By figuring out how to manipulate the market or by deanonymizing the accounts of influencers (e.g., Chinese regulator or proxy) and following their trades. But that's a lot of work and may prove impossible. Even better, use the dollar cost average approach to buy and don't sell unless you are using it as a currency. The world needs a digital currency now but the volatility is preventing that from happening.
paxpelus 9y ago
https://prnt.sc/gl3wa4 https://prnt.sc/gl3wa4 Resistance levels cannot predict price movements - they can just help you when you set some Limit Orders in an exchange, worked for me several times. EDIT: The pair in the image is ETH/EUR
breitling 9y ago
Humour me here: Wouldn't technical analysis be a good way to analyze something like ETH or BTC? A normal stock has the underlying company, earnings, performance, forecasts, etc. to sort through and figure out where it is headed, but ETH and BTC have no such thing. So what better way to analyze than TA?
- Synaesthesia 9y ago
  Except weather has an element of predictability, at least over the short range, the realm of finance is highly unpredictable even in the short term. Who foresaw this crash?
  - 45h34jh53k4j 9y ago
    probably the PBOC, who will use it to 'buy the dip'
  - xzel 9y ago
    I sold all my ETH at 297 right after it was starting (I make sure to check the markets before I sleep because China is often more market moving than the US/EU). I've been worried about the truth of the recent statements made in China about closures. This is obviously totally anecdotal and I made a really, really lucky call. Can't say I thought it would continue to go down this heavily. I consider any money I've put in these markets mostly play money anyways.
tunetine 9y ago
There is definitely levels, but not for something where there is not even a range of concensus value.
hodder 9y ago
define TA...Yes fibonacci spaghetti spirals are the financial equivalent of astrology, but the academic evidence supporting the performance of momentum strategies is well established.
deleted 9y ago
[deleted]
lloyd-christmas 9y ago
Resistance levels do exist in reality, but things don't bounce off whole numbers because "magic". They bounce becomes humans are human and place their bids and offers at those whole numbers. That being said, I'd be looking at those bids and offers, not the chart.
- michaf 9y ago
  These technical analysis features can become 'self fulfilling prophecies', if a significant number of market participants believe in them (meaning it's a psychological effect). Other than that TA seems to be mostly BS.

Not 100% and surely I don't believe I can predict price movements with TA. But resistance levels can help a bit. Don't forget that cryptocurrency markets are yet immature and self-fulfilling prophecies is something de facto in them

jamiegreen 9y ago

what is a better way to decide on buy/sell signals for cryptos in your opinion? Genuinely curious.

ceejayoz 9y ago
If you're willing to gamble, buy and keep buying, and hope it doesn't crash. If you're not willing to gamble, go by an index fund instead. Anyone who thinks they can figure out buy/sell signals for cryptos right now is a lunatic.
dna_polymerase 9y ago
1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit
- oldsklgdfth 9y ago
  What kind of apps can be built in the crypto ecosystem?
  - SCHiM 9y ago
    The illegal kinds that have high demand, like darknet markets.
  - paxpelus 9y ago
    All kind of apps that can be built utilizing the power of fiat currency. Example 1: I can build a blog and start accepting donations in cryptocurrencies - same goes for online games etc. Example 2: I can utilize the blockchain to proof authenticity of a document, image, sound, will, legal document etc. Example 3: Filecoin, Siacoin, Storj - P2P file hosting Example 4: Aragon - Decentralized trust-less companies - Test their alpha version - it seems the solution on the governance of open source apps Example 5: Decentralized exchanges - check etherdelta. The above are just really basic examples - we are still in a really premature phase. The whole point of cryptocurrencies is that I can trust and exchange labor, money or whatever with anyone worldwide without me even knowing them. The worldwide economic crashes were the result of people trusting 3rd parties such as banks, investment firms etc. This problem can be solved.
  - thephyber 9y ago
    "21" has a framework to assist it and a handful of developers have already built apps: https://21.co/mkt/ https://21.co/mkt/
  - alexmat 9y ago
    I think it will be big for virtual gaming assets: https://spellsofgenesis.com/ https://spellsofgenesis.com/ and https://www.ageofrust.games/ https://www.ageofrust.games/
- deleted 9y ago
  [deleted]
paxpelus 9y ago
Buy when everyone is selling like a maniac and cross your fingers. You should not invest what you cannot afford to lose. High risk - high gain...
louprado 9y ago
By figuring out how to manipulate the market or by deanonymizing the accounts of influencers (e.g., Chinese regulator or proxy) and following their trades. But that's a lot of work and may prove impossible. Even better, use the dollar cost average approach to buy and don't sell unless you are using it as a currency. The world needs a digital currency now but the volatility is preventing that from happening.

paxpelus 9y ago

https://prnt.sc/gl3wa4 https://prnt.sc/gl3wa4 Resistance levels cannot predict price movements - they can just help you when you set some Limit Orders in an exchange, worked for me several times. EDIT: The pair in the image is ETH/EUR

breitling 9y ago

Humour me here: Wouldn't technical analysis be a good way to analyze something like ETH or BTC? A normal stock has the underlying company, earnings, performance, forecasts, etc. to sort through and figure out where it is headed, but ETH and BTC have no such thing. So what better way to analyze than TA?

Synaesthesia 9y ago
Except weather has an element of predictability, at least over the short range, the realm of finance is highly unpredictable even in the short term. Who foresaw this crash?
- 45h34jh53k4j 9y ago
  probably the PBOC, who will use it to 'buy the dip'
- xzel 9y ago
  I sold all my ETH at 297 right after it was starting (I make sure to check the markets before I sleep because China is often more market moving than the US/EU). I've been worried about the truth of the recent statements made in China about closures. This is obviously totally anecdotal and I made a really, really lucky call. Can't say I thought it would continue to go down this heavily. I consider any money I've put in these markets mostly play money anyways.

tunetine 9y ago

There is definitely levels, but not for something where there is not even a range of concensus value.

hodder 9y ago

define TA...Yes fibonacci spaghetti spirals are the financial equivalent of astrology, but the academic evidence supporting the performance of momentum strategies is well established.

deleted 9y ago

[deleted]

lloyd-christmas 9y ago

Resistance levels do exist in reality, but things don't bounce off whole numbers because "magic". They bounce becomes humans are human and place their bids and offers at those whole numbers. That being said, I'd be looking at those bids and offers, not the chart.

michaf 9y ago
These technical analysis features can become 'self fulfilling prophecies', if a significant number of market participants believe in them (meaning it's a psychological effect). Other than that TA seems to be mostly BS.