Explain to me how TA isnt a meme

Clearly looking at just the price of an asset over time is completely retarded. Especially with cryptos when other world factors (regulation, performance of other financial indicators, "muh mainnet launch" etc.) and hype play such a major part in dictating the price. How can you expect to reliably predict anything without considering these factos, and looking only at meme lines?

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No. Fuck you. Make up your own mind

Drawing support-resistace lines and especiaally the diagonal ones is a meme to be sure. However having a system of multiple indicators where each gives a unique interpretation of price signals is paramount in any trading system

>newfag
TA isn't about prediction

fuck you

Wrong

Ever looked at the list of billionaires. Dozens of them attribute their net worth to technical analysis.

Op, TA is a meme. Big banks still employ them to have a look at it, and to have all possible information. But in the end, it is a meme. Markets are unpredictable, always, except through foreseeable events.
TA is nothing but a bit of an extra 'maybe'

Its purely a coincidence that prices rise/fall precisely to/from fibonacci levels and thusly they should be ignored because price movements are simply dice rolls

Consider that 80% of trading volume is from meme algorithms that use meme lines to buy/sell. When enough AI are using the same lines it becomes a self-fulfilling meme.

>Clearly looking at just the price of an asset over time is completely retarded.
Yeah you should just randomly throw money at retarded shitcoins that have already dumped into the ground.

Do you think at all when you post?

>draw 12 lines on a screen
>holy shit price bounced off of one

It is mostly a meme, but it is also kind of not a meme but the sole reason that there are enough idiots who believe it is not a meme. It's a self fulfilling prophecy that slightly improves your odds under some circumstances.

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I don't know why and how i need to explain things to a bunch of illiterate newfags.

Elaborate

RSI and the moving averages are usually good indicators..but more important is market sentiment. Like BTC was at 9.8k and everything looked ok then that news came out about that early BTC wallet moving and next thing you know its down $600. Its shit that TA cant take into consideration that moves the price more often than not

You're about 10% as bright as you think you are.

If you don't read anything about the TA subject, your opinion is clearly discarded.

news, fundamentals and even hype mean fuck all

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this is what really happened
dead cat breakout due to memelines

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Stock market TA is more legit than crypto TA in my experience... crypto is more erratic.

The point of TA isn't to be right 100% of the time it's to give you an edge about where a stock is going in the future. If it was a meme then it wouldn't be widely used by institutional money and successful retail traders alike.

People think because TA isn't 100% accurate all the time it's a meme but it's not, it's more like 60-80% accurate in my experience.

Fact is that there's not a single TA for every chart, but multiple ones, and multiple timeframes too, and there are multiple TA styles, this means that it requres time to be skilled in this field.

My motivation for the question was actually because I'm trying to develop a crypto price predictor using machine learning. I'm thinking about what data to give the system to aid the price prediction, and some previous work has used things like Google search trends, information about blockchain usage and accounts, and other global financial indicators such like the S+P 500. It appears to me that using this additional data paints a much better picture than just looking at price over time.

I think the self-fulfilling prophecy theory is the only one that holds weight quite frankly.

Imagine not using all the tools available to you

In the end it’s all just educated guesses and probability

It's a social construct. We believe it is real and because of that it becomes real. Many people look at TA to base their trading strategies on, as well as countless of tradingbots and tools.
Just buy randomly and see how that works out for you.

Yes exactly, a smart trader will wait and see multiple indicators across different time frames, increasing the conviction of the trade and chance for profit.

its only a meme for the retards on this board.
TA is the only reason iam still in crypto

yeah I agree it works a lot better with traditional markets, crypto is way too reactive to any slight little bit of bad news. I mean shit, with crypto you can buy something and the TA looks good and next thing the fuckin team exit scams or gets hacked and suddenly you're down 90% with no way out.

No harm knowing some basic TA, its like having an extra tool in your toolbox

It really doesn't matter now because your original post was absolute dogshit and now every reply will be equally dogshit. You should have just lead with that shit about machine learning don't know why you didn't.

> there are bot that trade crypto
> bots use TA
> understand TA, can predict bot trends to a certain degree
> read news articles about crypto, such as Goldman Sachs having some sort of event on Bitcoin the 27th of May
> Know there's a good chance whales will probably pump up the price randomly before the event
> After dump, use TA to ride pumps, sell before dumps

You can still get fucked, but it's better than just trading randomly.

TA requires decent volume say 15,000,000 plus/day.

I hear there's plenty of faith in TA here, but I'm not hearing any real explanations as to why it works aside from the self-fulfilling prophecy
This argument is far more compelling. Surely if you're day trading you have to also check twitter to see if satoshi is about to dump his coins

And if you're trying to predict long-term price for BTC well, each year the yearly lows are increasing right, so buy at a low or average point for the year and wait for a year or two and you're guaranteed to make money right? Not if satoshi starts selling or miners collude on a 51% attack. You can't just look at price over time to make educated decisions

yes just buy it already

I did it to bait meme liners into my thread and see what they have to say. Nobody replies unless you piss them off first

It is a meme. It's like tarot cards for stocks