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People who know a thing or two about finance are having the time of their lives watching Bitcoin evangelists genuinely believe in technical analysis and not und
by Analemma_ 8y ago
People who know a thing or two about finance are having the time of their lives watching Bitcoin evangelists genuinely believe in technical analysis and not understand that it's on the level of astrology and tarot cards as far as usefulness in predicting prices. (And that's in a fair market. On Bitcoin exchanges, where it's certain that the exchanges are using every trick in the book-- frontrunning, painting the tape, wash trading etc.-- to stack the deck and extract extra value from your trades, technical analysis is even more useless)
- Lerc 8y agoThere is a basic pattern (bubble/pop/settle) but for any advantage you have to know better than someone else. There's been a number of images showing graphs scaled and overlaid over other graphs. There's quite possibly good reasons for the correlation in shapes, but it is also quite useless for investment. You might know something will probably happen but you don't know when or at what speed. Once you go past the patterns that everyone can plainly see, you are looking for patterns in what appears to be noise to everyone else. Accurate future predictions is really the only way to tell if it is anything other than staring at tea leaves.
- lbotos 8y agoSo you are of the mindset that technical analysis has no place in forming trades? How would you suggest entering short term trade scenarios then? I sound snarky, but I'm genuinely curious what you suggest instead.