Kazimir (OP)
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August 25, 2015, 01:26:07 PM |
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Regardless of whatever fibonacci lines, retracement levels, bottoms, targets, supports, breakthrough rates, crystal spheres, or other tech analysis mumbo jumbo had predicted, surely most of them will not have foreseen a 20% drop in one week, of which 10% in the last couple of days.
When we honestly look at posts from tech analysts, we can see most of the time they try to come up with some explanation of the past and rarely (as in, not more than sheer chance) did they actually predict the future.
Statistically, basing your buying/hodling/selling strategy on the flip of a coin or the throw of a dice, would have delivered as least as good results as using TA. So can we now either stop with the technical analysis nonsense, or agree it's as good as any wild guess?
Or are there still people who still believe in it?
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Meuh6879
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August 25, 2015, 01:27:17 PM |
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You have a "free" money network.
Free to use or not ... More fast than a Bank ... More Secure than CASH or Credit Card ... With no chargeback.
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Kazimir (OP)
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August 25, 2015, 02:01:33 PM |
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You have a "free" money network.
Free to use or not ... More fast than a Bank ... More Secure than CASH or Credit Card ... With no chargeback.
Don't get me wrong, I believe in Bitcoin all right. I'm 100% pro-Bitcoin, long time hodler, and I think fiat money is a disaster waiting to happen. But we can't deny Bitcoin is extremely volatile, and any technical analysts trying to make sense of this, fail miserably, more often than not. Yet they keep posting their bullshit fibonacci retracement support level graphs -- I'm wondering to what extent they believe what they're doing.
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xIronCrossx
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August 25, 2015, 02:11:19 PM |
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Focusing on only one aspect is idiotic in 99% of cases. There is more than just technical analysis, just as there is more than just fundamental analysis.
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BTC - 1Comr6M3WohRK94Wi1PVTV8szhxjzLd9yd
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oda.krell
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August 25, 2015, 02:18:12 PM |
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True, it looks like many, if not most traders didn't see the recent violent drop coming, me included. That said, plenty of them were predicting bearish continuation scenarios.
Anyway, all that said, why don't you take a look at the results of dnaleor's and Miz4r's trading game. Almost all of the participants beat a "BTC hodl" strategy, and quite a few of them a pure "all in USD" strategy.
So much for your 'coin flip' hypothesis.
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Not sure which Bitcoin wallet you should use? Get Electrum!Electrum is an open-source lightweight client: fast, user friendly, and 100% secure. Download the source or executables for Windows/OSX/Linux/Android from, and only from, the official Electrum homepage.
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brokenchair
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August 25, 2015, 02:20:29 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
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klee
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Activity: 1498
Merit: 1000
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August 25, 2015, 02:28:28 PM |
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Regardless of whatever fibonacci lines, retracement levels, bottoms, targets, supports, breakthrough rates, crystal spheres, or other tech analysis mumbo jumbo had predicted, surely most of them will not have foreseen a 20% drop in one week, of which 10% in the last couple of days.
When we honestly look at posts from tech analysts, we can see most of the time they try to come up with some explanation of the past and rarely (as in, not more than sheer chance) did they actually predict the future.
Statistically, basing your buying/hodling/selling strategy on the flip of a coin or the throw of a dice, would have delivered as least as good results as using TA. So can we now either stop with the technical analysis nonsense, or agree it's as good as any wild guess?
Or are there still people who still believe in it?
https://bitcointalk.org/index.php?topic=1064374.0Educate yourself.... Important info in there from TPTB too (based on Martin Armstrong methods and not only). P&F predicted the bull market was over since the triple bottom break (from 285 to 280) and then more confirmation after the 296 double top failure, which led to a brutal bearish catapult that violated typically the bullish trend too (around 270 if I remember right). You are ignorant. PS: I sold at 310 and TPTB was urging everyone to sell at 315 too. PS2: You are so ignorant.
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afbitcoins
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August 25, 2015, 02:32:22 PM |
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You want a line on a chart. Here you go.. Does this mean bitcoin will stay above the line ? No Does this mean bitcoin will go below the line? No But for me this is a useful way to understand the market. If its a waste of time for you then why the fuck look at charts, feel free to skip right past. There is no certain way of predicting markets, it is insane to blame technical analysis for that.
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RyNinDaCleM
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Legen -wait for it- dary
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August 25, 2015, 02:34:22 PM |
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@OP I'm still here. That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
What you fail to understand is that TA is independent of what market is being analyzed. If there is a market to trade between two assets, there is technical data that can be analyzed to determine real demand and momentum of those assets. Bitcoin is no different in this respect.
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klee
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August 25, 2015, 02:39:21 PM |
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@OP I'm still here. That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
What you fail to understand is that TA is independent of what market is being analyzed. If there is a market to trade between two assets, there is technical data that can be analyzed to determine real demand and momentum of those assets. Bitcoin is no different in this respect. Forgot it, you are so right: supply & demand (momentum). Where did you (OP) start see supply taking over? I am sure you saw it from 285 to 315. Since mid July (315 high), do you see ANY higher high in the 1d chart?? Go figure...
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klee
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August 25, 2015, 02:44:50 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot?
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brokenchair
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August 25, 2015, 02:48:14 PM |
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@OP I'm still here. That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
What you fail to understand is that TA is independent of what market is being analyzed. If there is a market to trade between two assets, there is technical data that can be analyzed to determine real demand and momentum of those assets. Bitcoin is no different in this respect. I'm not saying I don't believe in ta at all, I just don't agree with that statement, as btc is so radically different than anything these theories and indicators are based on. Not to mention people on this forum do what all the commodity scammers used to do, and take information that has happened, claim they made the trade, and provide no actually proof that the trade was made (you can't post your bitfinex account, or whatever you have and just black out any identifying information....thought so..... ) Your welcome to show us proof of continued successful trades you made
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brokenchair
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Activity: 109
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August 25, 2015, 02:49:06 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you.
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klee
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Activity: 1498
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August 25, 2015, 02:52:52 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot?
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klee
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Activity: 1498
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August 25, 2015, 02:56:37 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot? Did you even read my thread IDIOT?
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klee
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August 25, 2015, 02:57:42 PM |
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brokenchair
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August 25, 2015, 02:57:58 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot? LOL where is the proof of your great TA trades? You told me lol, show proof. Buying 500 btc in 2011 doesn't make you a good ta trader either lol. Thanks for the proof of your recent ta trades.
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klee
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Activity: 1498
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August 25, 2015, 02:59:12 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot? LOL where is the proof of your great TA trades? You told me lol, show proof. Buying 500 btc in 2011 doesn't make you a good ta trader either lol. Thanks for the proof of your recent ta trades. Ask my subscribers...
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klee
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Activity: 1498
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August 25, 2015, 03:00:33 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot? LOL where is the proof of your great TA trades? You told me lol, show proof. Buying 500 btc in 2011 doesn't make you a good ta trader either lol. Thanks for the proof of your recent ta trades. Again because you are slow: DID YOU READ MY THREAD? I transparently say many of my trades there. Asshole. EDIT: Did you sell at 300+? Probably you sold yesterday lol
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brokenchair
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Activity: 109
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August 25, 2015, 03:04:46 PM |
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That is because the people on here that claim they are using technical analysis just take charts and draw random lines to match a theory to sound like they know wtf they are doing, or they give such absurd ranges (170-330 price target!) so they can't be wrong. In theory why would TA apply to btc? None of the theories were created about btc. Would you follow a recipe a recipe for brownies while making cookies?
Some of the people aren't full of shit, but 90 percent of the self proclaimed btc analyst are.
Another idiot! Must be my lucky day. EVERYTHING WITH A PRICE IS GOVERNED BY SUPPLY & DEMAND! Capish idiot? Whatever scammer, please post your trades, not some past dated chart. I'm not the one making claims to be a btc price guru, that is you. Lol! My trades? 50eu invested in NXT as early adopter - at peak worthing 3M usd. Bought 500btc at 2011, while you were playing Second Life. Just told you I sold the top 310. Apart from that, my interpretations may be right or wrong but supply & demand ARE the price - the price IS reflecting Supply & Demand. Are you so freakin idiot? LOL where is the proof of your great TA trades? You told me lol, show proof. Buying 500 btc in 2011 doesn't make you a good ta trader either lol. Thanks for the proof of your recent ta trades. Ask my subscribers... Listen i'm not trying to argue with you, but if I don't see physical proof of you using your ta to make money, not some thread prediction, not your word, not your subscribers: that is all just smoke and mirrors. If you want you can post your trade log without gaps and we can see you are legit. If not than fine, but unless you have proof, its all smoke and mirrors.
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