Quote from: LtMotioN on April 06, 2018, 10:22:12 PM

TA only works in crypto because people believe it work. If you believe in a death cross then you will obviously sell off if it gets close to it. The same goes for everyone else who believes in TA. I have been daytrading the last few days, quite successfully. This is not because I am a zen master meditating in the mountains to learn what an inverted head and shoulders pattern followed by a cup and handle with funny triangles mean.

This is simply because I am riding on what all the TA people thinks and setting stop limits.
You cannot TA something as volatile as bitcoin. How will your TA accomodate for JP Morgan saying they are integrating a bitcoin exchange into all customer bank accounts tomorrow? Or UK banning anything crypto?
What about a youtuber with 200k followers mentioning a coin? Will TA predict that pump?

You dont need funny lines and triangles for this, it is simple - dont be greedy and only buy on lows. A death cross doesnt mean anything in reality, but due to everyone who believes in it we will probably see this imaginary line being crossed. But alas. I will even buy bitcoin tomorrow if I had spare fiat, its not on a all time high so why not buy now?

Couldn't have explained it better. TA is known to work until it doesn't. I'm often reading predictions on tradingview and most of these people are not right. Sure, they can read an obvious pattern and draw a line up or down from it, but when the price acts like it did yesterday - flat line with low volume, you can either expect a pump or a dump. The first big holder that overreacts show the rest what to do and they follow. Yesterday we had a huge pump, but it as well could have ended with retesting of the 6000 USD level.
Those obvious patterns that make people think TA works are the only thing that keeps them believing that it will always work, but if it did, every analyst would follow the same pattern and trading would be easy and predictable.