Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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save the cheerleader, save the world, #bitcoin upcoming insane rally on 3day 8/41 cross and 3day MACD crossing green
save the cheerleader, save the world, #bitcoin upcoming insane rally on 3day 8/41 cross and 3day MACD crossing green
Sorry to tell you this but drawning lines on a chart doesn't work. It predicts absolutely nothing. It's as acurate as throwing dice. Why people still dont't get that after 1000's of examples that failed is beyond me.
Mainly because "chartists gonna chart", i agree trendlines are not really "that" reliable, still its usefull, specially on this resistance trendline and 8/41 EMA, as you seen 3day MACD crossing green. If not how do you trade with? you just blindly gamble?
I like to keep around a small screen and watch the raw(ish) data in my idle time to get an idea about the attitude while doing something else on the big screen. But I do take a look at the indicators as well (mostly MACD and StochRSI).
There are two ways to make those lines cross: a real trend reversal or a huge spike with big weight into the old direction, followed by a nice enough hot-correction with big enough weight. I guess this time it's the latter. I think the price should have bounced back to >=450$ by now if the attitude really changed. I don't think there was any good reason for a trend reversal anyway (other than the good old reason that BTC should be >>1000$ by now, so <1000$ is really cheap...).