Quote from: afbitcoins on April 23, 2013, 09:28:38 PM

I might aswell chime in. Obviously I'm a fan of technical analysis. I've never called it a science, I don't think many people would.

Its price forecasting, in a way a bit like weather forecasting. The price chart is a picture of the market, without knowing anything else you can see a lot just from that line. Patterns crop up in charts just like they do all over nature, you can look at these patterns and combine it with your feelings on the overall market trend, your gut instinct, wave your hands oversome tea-leaves and make a forecast.

It is freaky how often the price ends up bouncing more or less exactly where you thought it would though. Cool

The difference is weather forecasting is actually science. Weather forecasting isn't always right but there are provable weather patterns and theories and on average it is much better than randomly guessing sunny/cloudy/rain/snow. This has not yet shown to be true for TA in a scientific way.