Quote from: BitcoinNewsMagazine on May 22, 2018, 01:47:04 AM

Quote from: bitserve on May 21, 2018, 08:30:51 PM

The more I learn about TA the more I think it's all bullshit and not much different than astrology.

I don't think you really appreciate the power of TA. The simplest daily 50/200 MA Golden Cross would have told you to start buying bitcoin at $415 and hold. When the 3 day RSI hit an unprecedented 92.99 price was over $16,000 and was a clear signal to start selling. If you missed the top there was a dead cat bounce to $17,000 before the 50/200 Death Cross final exit signal occurred at $9300. Until daily 50 MA crosses above the 200 again we are in a bear market. Every bear market is different; this one might only last 6 months but a year is quite possible until sellers are done.

Sure, there are some (macro?) signals like the golden/death cross that may have some higher change of predicting (or better yet confirming) a tendency... But many people keep trying to use TA to predict short term movements which end up having basically the same probability of being wrong than being right in their "prediction".