Everyone knows that we can learn from the past to correct mistakes.
As a result, many economists attempt to predict the future through history.
We also have a known fact from the past.
The "Bitcoin halving" is correlated with price increases.
I'd like to pose a new question here.
What are your thoughts on using past charts(candlesticks) that similar current ongoing charts(candlesticks) to make price predictions?
When asked this question to many professors and investors, a common response is, "Candlesticks reflect the psychology of investors."
What are your thoughts on this matter?
Candle sticks are the representation of what investors and speculators are doing in the market, they represent the actions of investors in the past and in the present from which you can possibly have a clue to what the possible future could be, just like the normal human life history is mostly like bound to repeat itself and so when ever there's a clue of a past events people most often prepare to for a similar experience as like that of the past.
Basically that's technical analysis. There are possible reoccurrences on the chart which are the reflection of what happens in real life, even investors looks at the charts and wait for movement to a particular point and they take actions hence that point becomes a point to note for investors to always look out for so they can take actions from there. In technical analysis you have to first look out for possible events on the chart, why they happened and when it could possibly happen again because this will be reasons for future decisions on what price could possibly do. Everything in the real time play out on the chart even the effects of news is usually seen on the chart with the way candle sticks will be formed so with a very good technical analysis you may not necessarily need other views as the summary of them all appears on the chart.