I'm sorry guys, I know this is a controversial topic seeing as though haejin is Steemit's second coming of Christ and all, but do you really believe in this shit?
I can't tell you how many so called chart "predictions" I've seen fail to come true, over actually coming true, and it always seems that when they get one prediction right out of a hundred, everyone seems to forget about all the times they were dead wrong the other 99 times.
What do you guys and gals think, does chart reading actually work in this unregulated cryptocurrency market, or are we just being swindled by a bunch of chart shaman scammers?
Sound off in the comment section, and thanks for taking the time to read my crappy post!
I spent 10 years of my life researching this, some things work, yes. Some things absolutely not :-)
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I guess it's just like everything else in life then huh? 😉
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Any dumbass can read a $3 book on charting and start to "predict".
Only a few could dive deep into real analytics and see the value behind the buzz.
But charting is easy. No much brain and education both to produce it and read it.
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Also, one could get confirmation biased too easily
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Right!
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Too true, and I myself have just never been a believer.
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Does it work you think, even for those who dive deep?
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Its not like predicting the future it is just reducing the risk if you can see where to buy or see. If a chart was 100% and people could 100% predict they wouldnt be posting on social media, they would be sipping crystal on a super yacht in the south of France
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This is exactly my point, so it's mostly just bullshit entertainment, to get the clicks!
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Exactly, you can tray a line and make just about any shape by looking at a chart. BUT a chart is a reflection of a markets past not their future. WE are in charge of the markets future not some candlesticks and lines drawn by a guy living in his Mothers basement with a Mic and camera left from his old twitch account.
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I about spit out all of my coffee! 😀
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I will admit I did have a good chuckle and was proud of myself for that one!
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some of these users giving us chart predictions are getting wiped but they will never tell you that. Nobody knows if the market is going to go up or down. Right or left
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Especially in a market driven by hype or non-hype, there's really no rhyme or reason for why it does what it does in reality.
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True. Investments is all about giving in what you can afford to lose. If there was a strategy Im sure the majority would have been rich by now. Whats going to stop me from investing $500 milion without fear if I know tomorrow-s forecast
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This is such a simple thing, and yet so many people don't see what you and I already understand... that chart reading is a flashy gimmick at best.
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People are just being greedy for profits. Thanks for sharing this kind of information :-)
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I just put down on paper whatever my mind is thinking at the time, which is mostly shit, but sometimes... it's alright. 😉
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hahaha havent seen shity blogs since I followed you 😉
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Ha ha, you're too kind.
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Charts never made any sense to me. I purely buy what I believe in. The only thing I check when buying is if its at its ATH. Probably not a good time to buy in most of the times. But no chart can ever see China scrutinizing miners or South Korea banning it.
Probably helps build mental satisfaction.
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Wow, you just described me when buying, but even at all-time highs, I just buy what I want, and hold! 🐳
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When I got in, I was greedy for the returns. So always wanted quick returns. Buying at ATH generally needs more HODLing. Plus going slow on investments gives you opportunities to buy dips. Like I had no money to buy the dip on 16th of January.
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I feel ya, and by the time I could get fiat into the system to play with, it would have been too late anyways.
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True, the market is too volatile. There is no best time to buy.
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Exactly buy what you believe in, I Hodl Just about all I buy and never stress if it drops below what I paid for it. If you research, underand and believe in a coin you will do well it in 9 times out of 10. Just my opinion though.
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That's what I do, I go all-in (play money) to the coins and tokens I love, and just keep up with them news wise, plus watch them grow overtime proudly. I don't expect them to Tron it in the first day 100x, because if it does do that, it's probably a shitcoin.
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100% massive growth usually turns me off and Ill take the profits and run, Speaking of a coin I am in love with right now, $tel. I am accumulating as much as possible. will be a top 10 coin in a few years.
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I wish you luck, and keep us up-to-date on your journey with it.
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Will do!
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Instant-upvote just for the picture alone!^^ I learned TA when I was 14 - strange hobby for a teenager, but I was already a nerd back then ;) The reason why TA works is called "self fulfilling prophecy". It just works, because people think it does.
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Until it doesn't, wouldn't you agree?
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Right - especially in Crypto I actually don´t use TA that much. It´s like playing chess against a total noob and you try to come up with some genius plan, while your opponent does moves, that you can´t predict, because he doesn´t know what he is doing^^
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Ha ha, that's a good way to put it!
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where did you get the graphics?
https://steemit.com/dmania/@jozef230/when-all-analysts-grab-their-heads-zg1hbmlh-53ehg
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?
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I can relate to what your saying i strongly believe technical analyses is massively overrated and 95% is as good as toilet paper just Common sense logic and good intuition will serve you well in the long run. And yes your right we are being swindled in this market pretty much all of it is a gamble. My Advice for this market is to follow them youtube clowns with big views just dont get to caught up in the hype thou and not to greedy because no self proclaimed expert can predict when a whale is going to cash out
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Yeah, whatever the big Boobtubers are doing... don't do!
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Check out this mad old guy on youtube [Trador of futures] for me hes the only one who truly understands this whole crypto market and makes sense of it all.
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Technical analysis works to the extent that one recognizes that market fluctuations on any given day are random and cannot be predicted. The manner in which haejin assess charts is misleading - it presumes that patterns will definitively play out as charted and this is underscored by his recurring use of the word "profit" in his post titles. It is disingenuous, to put it lightly.
Where technical analysis fails is in evaluating the intrinsic value of assets. The current market price does not always represent this accurately, as market participants often underestimate or overestimate the worth of whatever it is they are trading/investing in. Setting arbitrarily defined price targets into uncharted territory is not helpful in illustrating this point, however. And so the voodoo that is promoted by many "market analysts" discourages novice traders and investors from actually learning about the aspects of technical analysis that may be helpful in developing their buy/sell strategy.
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Ha ha, this is definitely a problem, but I'm wondering... how many people does he have to burn in order to fall from grace, or is being correct 50% of the time enough for him to stay relevant and beloved?
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I think many of his followers and the followers of other commonly trending users are simply quick to upvote to reap the curation benefits. It points to an inherent flaw within Steemit. Curation should extend beyond just upvoting content that has a propensity to trend.
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Very, very true, and hopefully the issue is dealt with appropriately in future upgrades.
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TA works because people believe it does and it becomes a self fulfilling prophecy. Everyone is looking at the same trend lines, fibonnacci retracements, RSI, MACD, etc. However TA should only be one tool when deciding when to buy and sell. Chart patterns mean nothing if not confirmed by fundamental analysis, sentiment, and volume. You have to look at the whole picture.
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Something people definitely do not do much of sadly.
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