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?
Of course, I can't know how it really is, but I think that technical analysis is bullshit. If
“technical analysis” worked, then all traders would have become rich long ago by making their forecasts based on “
past charts (candlesticks)”. But as you can see, for some reason this didn't happen. I assume that this is primarily due to the fact that the future can't be predicted (based on technical analysis), because at any given time, many side events can interfere with the course of events that will change the current exchange rate of cryptocurrencies. There is a human factor in the cryptomarket, which is extremely unstable. Under the influence of the news background, any trader can buy or sell, which will cause a chain reaction, influencing the actions of other cryptomarket participants. It's impossible to predict. Because the cryptomarket, like any market, like the stock market, is a chaos of events. Try to predict this using some kind of chart, the past. This is impossible.