Does technical analysis work for crypto? Does it work at all ?

Does technical analysis work for crypto? Does it work at all ?
I am actually arguing with a friend. He is fucking wasting his days studying graphs.

MFI works most of the time

TA is a joke

TA, especially in crypto, is a way for people that luck out to gloat even more. It NEVER works for crypto, and the few that guess right every now and again get spammed until they're inevitably wrong the next time.

no crypto runs on meme power

Applying TA to normal securities is a bit of a meme, but I can see some benefits.

Applying it to a completely unregulated and volatile market like crypto, where people trade on insider information literally every hour, is completely useless. Some of the patterns might match up but theyll be far more coincidence than prediction.

anything on TA that uses chart figures is a meme even in forex. I only use a few indicators, but I don't think they have much use in crypto, specially with shitcoins
>pajeet shills you his new ICO which he happens to hold bags of
>dumps when price is decent
>wooooooooow my MA 5+13 strategy didn't predict 20% of the market selling at once, what the fuck

Gains increase a bit and mistakes reduce, so learning TA is good long term.

I wish we used /biz to share more TA analysis and less shilling and fuding

Lets be clear: technical analysis is about trying to find an intrinsic value in a security outside of its market price.
For stocks, you do a discounted cashflow analysis.

how do you find an intrinsic value for CC? Not straightforward because the underlying has no value (in most cases)

thats called fundamental analysis retard. TA is drawing random lines on a chart and believing you can predict the market with a combination of magic, fibonacci numbers, and the moon cycle.

No. Ta is what's called "apophenia"

any amount of stocks that doesn't give you controlling force in a company has an intrinsic value of near $0 (only near because IF the company goes bankrupt you may get some peanuts back).

stocks are speculation. ppl only buy them because they hope there'll be someone who will buy for them @ a higher price later on.

basic TA for huge cycles works, kinda

the rest is trash

"does TA work"?

MFW learning ta now
MFW everything book tells me i see pan out in graphs on the daily

mfw im not telling u haters shit

TA is a joke, anyone who tells your otherwise is selling you his bags.

Past that, some indicators have merit, less so on TA bullshit, but rather on case to case basis.

Just bought 20k BZC, who cares, maybe it'll get to the normies.

RSI, MACD and BB work most of the time

...

No
And no

ta can more specifically be described as pareidolia

>does boomer wallstreet astrology work on crypto
lol

Technical analysis is about as effective as astrology. Just think for a moment. If some guy truly unlocked a magic way to divine what the price of any stock or asset was going to be with certainty why would he tell you? He'd use it to become filthy rich himself instead of selling his magic formula to others.

actually what he would do is publish the wrong method, or a method that kind of works sometimes

TA barely works for crypto because a lot of cryptos movements are based on manipulation by whales or psychological shit weak hand panic sellers

this, also TA wasn't setup for fucking gigantic buy and sell walls that can be pulled

you can't fucking pull orders in the real world like that