Yay!!! I set off a s--- storm before going to sleep. What a delightful thing to wake up to. Anyhow, them graphs and lines (technical analysis) don't work for s---. No, it isn't because I haven't learned how to use and appreciate the inner-beauty of graphs and lines. Part of me just wants to say it is simply because the s--- is useless and akin to interpretive dance on paper. But, I suppose in some markets it will tee you off trend... Here, however, with the volume fluctuations, the sensitivity (and recently changing sensitivity) of the market to outside forces and news, and other non-traditional behaviors of niche market v. established market participants... the f---ing lines are meaningless. Got it. You peeps keep posting groovy looking graphs and sometimes two people will say a graph says the price is going to $5000 and another two people will say that the graph says the price is going to zero and low and behold the price stays the exact f---ing same. It's funny, but Jesus.
Dude, I just posted the only prediction I made (along with another member that posted a even better graph) in the past for BTC that came true with perfect accuracy that predicted a sudden shift in price that some people with no knowledge of the very basics of TA were surprised about. I don't know why the hell would you say that that accuracy was pure coincidence. It's basic stuff really.
Are you telling me that price fluctuations in BTC are 100% unpredictable to you?
Nobody said that TA can predict the exact shape of the BTC graph, but it can predict major moves with sometimes almost perfect accuracy like I just showed you.
The forces you are talking about are priced in and don't contradict at all the basic TA I'm talking about here.
Again, the people here saying "your lines are meaningless" seriously haven't even looked into it not for one second.
Sometimes they do that to justify their complete lack of trading skills. "It's not their fault, that BTC price shit does whatever it fucking wants!"
Other times it's just people laziness.
Hey, I am not picking on individuals -- well, maybe Empowering a bit because he decided to try to pick an argument over it. If your graph is right (and was right beforehand rather than to support some post-hoc rationalization) then I am happy for you. In this specific market, to be frank, I get a lot more out of order book balances and volume than a bunch of squiggly lines on a computer screen (I guess you could always convert the data into squiggly lines if you were so disposed, but that's neither here nor there) -- again, the non-snarky reason is that there is absolutely nothing wrong with your (broader you, not you specifically) technical analysis at all, but rather this is an atypical market.
Also, order books are full of manipulation especially in the unregulated BTC market. Their observation alone can hardly predict major moves from what I have seen.
I used to look majorly at order books for BTC trading, but when I realised that I was supposed to zoom out the graph a whole new world was open for me, and it's not even that difficult to fully apply that to your trading strategy.
If your approach works for you everything's fine, but I would suggest you give those "squiggly lines" a try (in the end a major part or those is self-fulfilling prophecy, and that's why they work with sometimes great accuracy), you might be surprised to how simple BTC trading (and more relaxed) can become.
Thoughtful. I dig it. Good luck, man!!