And as we all know that no matter how hard crypto world tries, almost every coin’s price is associated with bitcoin’s. When bitcoin hit 18k, a lot of altcoins were in a dive and were expected to rise soon. Almost every technical factor and analysis out there indicated that the price of such altcoins will rise but they never did. Instead they drowned further along with bitcoin. So thats my point, we now know that some dude dumped 40,000 units of bitcoins on market at some earlier point but while it was happening, nobody knew. Alot of people lost a lot of money.Thank you for the detailed response. Yes, it is supposed to work out (in theory) and sometimes it does when everything is going well in the market. But it doesnt take into account dumping schemes. Recently @acidyo wrote an article pointing out that a huge bitcoin whale dumped 40,000 bitcoins (yes you read that right) on market and sold some 36,000 units when btc price hit 18k $. Due to the massive dump, the btc price dropped down to 8k in no time.
And thank you for not putting up any of the references of haejin. Yes i already noticed that when i saw your post. I am sure he doesnt believe in his own analysis and the only way he made a lot of money through elliot waves pattern is by posting a tremendous amount of bull in his blog while his sheeps kept upvoting him.
But you are right, tech analysis and patterns can give you an idea about future of market. But people need to be educated about how to use them properly. If someone is dumping btc on market, then no matter how well someone’s ability to predict market is, they will fail.. so we need to be on our feet at all times to see if there is any abrupt behaviour in market due to pump and dump schemes, because TAs and patterns will never account these happenings..
Much regards..
of course there is a lot more to being a crypto trader than technical analysis. you have to be aware of the current news, and the buzz on twitter, and reddit... must read whitepapers...
ultimately I think it's a lot more reliable to find tokens that you believe in, with teams you can believe in, invest, and hold on for a couple years, to see what will come :)
trading is an easy way to lose money, hoping you will know the right time to sell, and the right time to buy. I've had the privilege of watching bitcoin the last 2 times that it was on the way up... the first time, right before it dropped I thought to sell my coin, and the transaction went through about halfway down the dip.
it's very difficult, there are a lot of emotions which interfere with good judgement. of course, if you sell and the price just keeps rising, you will be sad you missed out! probably trading is not for me, until I have enough money I won't mind losing some to the education.