There are so many factors to consider in the Bitcoin market, such that trying to apply TA for predictive power is largely useless.
I highly disagree. TA may not be 100% accurate, but it is far from useless. Lucif and his remarkably good calls is living proof of that.
It is essentially the study of crowd psychology applied to a market, and bitcoin users are still human and as such their behavior can be analyzed, patterns discerned and used for probabilistic predictions.
While I appreciate there are more things to consider and that TA will never be a magic crystal ball giving you guaranteed answers, I still believe it is a hell of a lot better than going by gut feeling, which is what the majority of this forum seem to do (and admittedly myself before I found this thread).
How are we doing with those Fib retracement levels on this bull trap?
I'm man enough to admit when I'm wrong, but I still won't see confirmation of a bull market until we pass ATH. For all I know this could just be an unprecedentedly strong bull-trap, and I prefer not getting trapped, even if it means losing out on some profit.
Right, I understand TA, and have mentioned what you said a few times already, even in this thread.
What I'm saying is, the crowd psychology presumably measured by TA as applied to Bitcion and referenced in this thread is in fact not considering a sufficient level of psychological crowd factors to render said predictions much greater then chance if at all.
The Lucif-inspired counts you speak of are not as crazy as you think they are. And definately don't negate what I'm saying.
