Is technical analysis just a meme?

Is technical analysis just a meme?

Yes. Notice how few threads there are of people:

posting initial TA
showing the trades they made
THEN comparing the actual result with their TA

it never ever happens because it's nonsense.

yes, now buy unify

it isn't if you're a trader. If you're an investor, it is. Crypto cannot be invested in as it cannot be valued but priced, so TA is not a meme for crypto.

thats because nobody here has a long enough attention span to do something like that

No, but it isn't a surefire way to predict the future either.
It is useful for determining the likelihood of particular events relative to each other. But not in general (for example, a perfect bull flag doesn't guarantee upward price movement). Which is exactly why you should use TA to support your hypotheses rather than to create them.

Yes

>valued but priced
whats the difference

Does news exist?

People look in the past and go "Look it formed an inverted tampon, that's why it shot up" when really some actual news was announced. It's reading tea leaves.

think investing in microsoft vs changing your money to yen and back

Crypto cannot be valued as it is currency or commodity. It can be priced. We cannot know the value of any of it. It's impossible, but I can price it.

As a prop trader of 25 years, I will give my opinion on TA:

TA is bullshit. The basics work are useful though because every chump looks at them and hence they self-fulfil.

interesting, thx

What are the basics?

Candle formations, trends, averages, MFI, RSI, MACD, BB. Just basic stuff. It's useful because many other people are looking at the same thing. So if 10,000 people are thinking "this chart is bearish" then it will self-fulfil and become bearish.

buy high sell low

That's what makes it not bullshit though. We look for patterns on the idea that everyone else is as well. TA isn't useless unless nobody else on earth is using it, but people inherently look for patterns, so TA is not bullshit.

It's bullshit as in the way its advertised. People do not understand why it is useful and it is claimed it could work trading against solely robots (by some). It's not useless, at all, but those who believe it (without understanding self-fulfilment) are believing bullshit.

its a self fulfilling prophecy when everyone uses it

buy uptrend
sell downtrend

There was that on future/forex general threads but there very few posters so those threads kept dying. 90% of Veeky Forums just fomo buy whatever is shilled here so why bother posting any TA when nobody here cares about any analysis.

Ichimoku cloud, Fibonacci retracements, quarterly pivot points, RSI and MACD is all I've ever used. I get somewhat decent accuracy with them if I have not been following any news sources.

One TA I think is absolute junk is Elliot Wave. For some reason, many people in crypto believe in that shit religiously. For me, I've never had any success using it.

The only think I use is BBands for scalping on Bitmex. Sometimes I use MFI but rarely.

I have made some good decisions based on TA analysis, but is not the absolute truth.

TA is only a tool based on experience. Crypto is relatively new so don't expect I'll behave in a tamed manner.

Whatever you do you must inform yourself, read, investigate, and if you feel confident enough on what you are doing, invest.

Don't expect TA will make you rich because it won't. But the right information at the right time will.