Quote from: CEG5952 on July 06, 2014, 08:30:44 AM

A lot of people around here say TA is a "self-fulfilling prophecy" -- I'm not so sure. Fib levels, for instance -- you see those in all sorts of natural and mathematical applications. Large stochastic movements often also bear resemblance to sine functions. I'm not convinced that there isn't more to it.

There are absolutely patterns in bitcoin prices, there is no question about that. (Anyone who doesn't see them are probably blinded by some sort of dogmatic view on TA.) Whether those patterns follow classical TA "rules" or whether they are different for bitcoin, I'm not educated enough in classical TA to say.

However what is absolutely true and what you should never forget, is that studying price patterns can never ever be more than a proxy for understanding market psychology. The price is moved by people, and people cause all the patterns to happen. If a pattern repeats itself, it is only because groups of people tend to act similarly in similar situations.