Re: BTC broke all major support lines, and the worse is yet to come.
A few days ago i was still bullish on bitcoin as it stayed strong above major support trend
Doesn't the fact that bitcoin went below these "support lines" argue against the validity of using TA to trade? I'm a long-time skeptic of technical analysis, and this just shows me that the market does what it wants with no regard to these fancy voodoo TA techniques and terms.we see new shit coins every day, most which has no purpose, many scam projects. and recently the hash-war of BCH is one simple example of why the world still think crypto is a risky and easily manipulated market.
You got that right, although I'd argue that "the world" is hardly even aware that there are any cryptocurrencies other than bitcoin. It's a very small population of people who are even aware of these shitcoins, ICO scams, and now this hash war thing. Shitcoins are destined to crash to zero--or at least most of them are, and I don't need TA to verify that for me. One of these days people are going to wake up and realize that no merchant is ever going to accept them and there's no practical use for them, not even as a store of value because of the extreme volatility.well indeed the market does what it wants to do, it does not really react to charts, but charts react to price. we as TA people in most cases see the same chart and think that same thoughts, when price broke the trend line bottom which was about 5900$ i personally sold out, and obviously i was not alone in this as my whole worth of btc is not even 0.00000000000000001% of the market cap. but it does accumulate with other traders. causes the panic and price dips.
fundamentals are of course way stronger than Technical, if tomorrow satoshi comes out and prove himself and say BTC is scam, no support and no TA will hold btc from going to 0. on the other hand if we get ETF approved, prices will care less about any Resistance on the chart and will shot to surpass ATH.
but in normal market condition TA does work "not all the time tho
" . and if you use it right, you simply end up with more BTC in your wallet.cheers.