This guy is an incredibly good technical analysts

This guy is an incredibly good technical analysts.
He says bitcoin is going to $5500.
Make of this what you will

youtu.be/8knEsxko5gY

Other urls found in this thread:

youtube.com/watch?v=v2RqEMEEBF0
tradingview.com/chart/BTCUSD/ILYwcn5u-Bitcoin-Sets-Up-For-100-Retrace-Fractal-Mastery-BTC/
twitter.com/AnonBabble

I have similar thoughts, 5600, but same shit

I'm incredibly good at palm reading, I say OP is a fag.
Make of it what you will.

newfag here, can someone tell me what actual advantage bitcoin offers over ethereum or other competitors? ethereum looks more useful to me but it's far less valuable

>All the value transfers to Eth

TA is like metaphysics - something you can look at as a guide, but not taken at face value. If you could have predicted the rise of Btc from meme lines those same TA genius's would all be millionaires. You can try to predict human behavior, but humans can surprise you in the strangest of ways. There was no more "reason" for it to go to 20k than for it to not tank down to 1k.

memes lines only work 10% of the time

You are correct that TA could never have predicted the rise of Bitcoin: it was the genesis of a new asset class. And nobody who employs TA would claim to be able to predict years in the future. But I can assure you that with leverage options, HTF, and algorithmic trading becoming more common each day, TA can provide good insight into movements of the crypto market. If you watch this video, the price points that Bitcoin bounces off of line up with key technical indicators.

TA has its roots in human psychology. Many patterns can be found in charts which repeat so often they are assuredly not coincidental. Furthermore, many patterns are strengthened by the collective use of TA, especially by bots. The simplest example is support and resistance. If some asset previously hit a certain high and you bought lower, it's extremely common for people to put a sell order around the previous ATH! Thus we say there is resistance around that price point. Perhaps a good summary of TA is that it attempts to predict price movements assuming everyone is trading based on the chart, with no external influences.

Chaos theory limits TA; of course nobody can predict the future with certainty. It's like meteorology: a legitimate field, but accuracy is low. You also need to analyze market sentiment (FUD played a big role in bitcoin's recent downtrend). Here's the thing though, if TA can improve your prediction accuracy by even just 2%, you'd be crazy not to use it! Which is precisely why people do.

> You can try to predict human behavior, but humans can surprise you in the strangest of ways.

Unless you're counting HEAVY market manipulation as "human behavior" which clearly is the illusion of it while idiots project "oh morons buy this @15k a pop ... gotta get in.

Nigger please.

youtube.com/watch?v=v2RqEMEEBF0

TA has been proven time and time again to be fundamentally worthless in crypto. Crypto doesn't work like regular markets, there is too much dumb/new money in it.