The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.
Technical people have done absolutely horribly in the past in this forum. I don't know of
anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).
Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.If I did buy and hold I'd still have 7 BTC. I didn't, I traded like there's no tomorrow (alts vs btc mainly) and if everything goes as planned I'd probably own 300-400 BTC some time Q1 2014. 200 almost guaranteed if I'd be live at that time.
It had nothing with TA though. Making money on alt pumps and dumps has heck all with TA, it's much easier than that.
Hmm 7 BTC -> 300-400 BTC is pretty extreme, however I do agree that alts are the way to go with a portion of one's stash. My strategy is focus on the ones with unique features and you'll do just fine. What is interesting is that they tend to act like an extreme version of BTC. BTC down -> ALTs way, way down .. BTC up -> ALTs way, way up. I had hoped they would act as a decent hedge but they're pretty much the opposite. In any event, they serve their purpose.
rpietila: I agree, I think those forecasts are an order of magnitude off, however .. if one were to go from 7 -> 300-400 in alts I'd say it's more luck than anything else.