Bitcoin
Bitcoin
Out of context: Reply #1861
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- reanimate1
Is it true that the future price of Bitcoin can really be predicted by looking at charts, technical analysis etc?
My impression is that those making huge purchases are increasingly the ones influencing things, and everyone else is just along for the ride.
- Personally I don’t think so, not with any confidence, but it can help with predicting general trends some of the time.monospaced
- It can kinda indicate prices people are reacting to for buying and selling. Dips, peaks, etc. but like any market it cannot predict huge swings exactly.monospaced
- TA works really well at finding patterns in the past. Not so much the future. Though testing support lines, ascending/descending triangles...inteliboy
- ...does seem to work. Thing is, all it does is take a sure fire guess that something is about to happen.. but not if it's going to be up or down.inteliboy
- If TA working 100% = everyone would use TA = the price would stabilise and flatline momentarily, then fluctuate violently, thus rendering TA useless.shapesalad
- What you need to do is look at a chart across several time metrics, 1m, 1w, 1d, 4hr, 1hr. Ask yourself, what is the trend?shapesalad
- Is the trend continuing? Or is there beginning to be indication in the price, the candle bars of a trend reversal? Invest accordingly.shapesalad
- Then apply these rules. Never more than 5% of your portfolio in 1 instrument. Golden rule: Cut losses, add to gains. 2n Golden rule: be early, back #1 winners.shapesalad
- It's taken me 10 years, numerous podcasts, trials, losses, gains, books, learnings to narrow it down to these simple rules.shapesalad
- Listen to 'Chat with Traders' podcast to gain a wealth of insights.shapesalad
- also beware of scams. Check out Ark Invest and their manipulations.shapesalad
- shape you're not a fan of Ark Invest?inteliboy