Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by El duderino_ (2)
TA is voodoo, it NEVER works reliably. Economics of the process is what actually works.
TA is based on probability, that is based on mathematics, 1s and 0s. The latter has been reliably tested for thousands of years. The former, for only a couple of hundred maybe.
Economics is based on a load suits in a room deciding whey think is best to do with their money, at the detriment of anyone else.
My faith in mathematics is inexplicably higher than any moronic human species based intelligence.
Believe what you want, I know what I'll be putting my money on: 1s and 0s.
TA has almost nothing to do with math, it is mostly interpretation of the prior data with Fibonacci numbers thrown in to give it a 'pseudo'-scientific feel.
However, if it works for you due to some 'hidden' parameter that you don't even realize exist, so be it.
Happy trading!
Technical indicators are exclusively based on mathematics, the source code would tell you this if you bother to read them, but never-mind.
Thanks @dragonvslinux's nice charts, i like it very much.
Talking about TA and Economics :
Economics (macro) tells an investor what to invest;
TA(micro) tells the investor when to buy.
Smart and well put. Admittedly it's the economics of Bitcoin that drew me to this asset class, so I won't deny it's validity. I'm out of merit so bookmarked
Edit: Merited you, thanks micgoossens for +2, though next time maybe just merit the user's post yourself