Do trendlines work on crypto?
/yes.
Why?
/because computers use them.
Why does support resistance work?
/because computers use them.
Why does Fibonacci work?
/because computers use those levels to set targets. (And the universe something.)
Why does TA work in crypto?
/because it studies price action and the key levels of what the computers are doing. And computers determine price because they have the most volume in any market.
So should we give up? How can we compete against computers?
/don't compete. Learn what the whales are doing and follow their lead.
Sorry for being preachy. Just had to write this because I see a lot of stupid surrounding this issue. ;-)
/yes.
Why?
/because computers use them.
Why does support resistance work?
/because computers use them.
Why does Fibonacci work?
/because computers use those levels to set targets. (And the universe something.)
Why does TA work in crypto?
/because it studies price action and the key levels of what the computers are doing. And computers determine price because they have the most volume in any market.
So should we give up? How can we compete against computers?
/don't compete. Learn what the whales are doing and follow their lead.
Sorry for being preachy. Just had to write this because I see a lot of stupid surrounding this issue. ;-)
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Bull trap. Love this quick price action. likely going oversold. next support down is .480
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Update 10/31