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File: 34 KB, 587x600, ta_book.jpg [View same] [iqdb] [saucenao] [google]
7438317 No.7438317 [Reply] [Original]

In this thread >>7413837 a TA fag posted saying Bitcoin will dump. People agreeing with him got a large number of double dubs, see >>7414528 .

However, anon in another thread >>7415444 got trips saying that Bitcoin will go to 8500. This was incorrectly seen as invalidating what the TA fags were saying. Bitcoin indeed peaked in 8500 range before starting to drop, just like the TA fags predicted. Also, the top price at Bitfinex was 8488.

Of interest is another post, >>7354333 :

> trips confirm BTC will go below 4k

>> No.7438389

NO. NO MORE. MAKE IT STOP PLEASE.

>> No.7438408

> financial markets

You got the wrong book anon. Totally different motivating factors in crypto.

>> No.7438413

>>7438317
How good is that book?

Interesting, thank you for compiling kek's signs. I'm waiting to see how the next hr candle plays out before tethering.

>> No.7438496
File: 1.76 MB, 480x270, 8.gif [View same] [iqdb] [saucenao] [google]
7438496

I wouldn't buy before 2k if I were you.

>> No.7438532
File: 111 KB, 1061x706, DVACR0PUQAIk3LT[1].jpg [View same] [iqdb] [saucenao] [google]
7438532

>>7438408
That's not true, crypto markets work just like any other market from a TA perspective.

>> No.7438711

>>7438317
Hey is this book worth a read? Btw any retail trader worth a damn, including myself knew the floor was 8k. There were plenty of threads on it all week. Now my technicals (im usually 65-70% accurate) are pointing to a potential run up to ath levels as early as july/aug

>> No.7438780

>>7438413

Very solid. Teaches you how each concept originated and how it should be applied in trading. Obviously written by someone with a ton of practical experience.

It explains for example why the default length of RSI is 14. This is because stock traders use daily data and 5-week days, so 14 points is three weeks minus 1 day. Now, that obviously makes no sense in crypto which trades 24/7. And there is another chapter which explains how to choose the length of RSI yourself depending on the situation. Now if you see a screenshot with RSI(14) on it, you know that it was made by someone who is either too retarded or too lazy to change the defaults.

>> No.7438806

>>7438413
>>7438711
It's a book for newbies, it doesn't explore any technique in detail. The author does quite extensively suck its own cock though.

>> No.7438848
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7438848

>>7438780
Thanks for the reply. Brainlet question: what do I set the RSI too then?

>> No.7438945
File: 292 KB, 885x394, denial.png [View same] [iqdb] [saucenao] [google]
7438945

reminder

>> No.7439004

>>7438711
I read it cover to cover twice.

It's very basic but it gives you everything you need to start.

>> No.7439011

>>7438780
while it's technically true, in reality it's not. everybody use rsi(14) in crypto

>> No.7439018
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7439018

>>7438317
Meme magic acts like market cycles; there are small meme magic cycles and then very large meme magic cycles caused by posts like pic related

>> No.7439082

>>7438848

Depends on the timescale.

The basic concept is that it should be long enough to average natural market cycles. In crypto, the most obvious is 24h cycle, so working a 1h chart 23-47-71-95 would be natural choices.

>> No.7439165

>>7439011

I'd argue that RSI(12) is optimal (half a day on 1h chart, full day on 2h chart, 2 days on 4h chart), and RSI(14) is close enough to that, so it works.

>> No.7439320

>>7439165
the point isn't what's optimal, the point is what everyone is using.
that's also the same reason why we all use the virgin qwerty instead of chad dvorak keyboard layout

>> No.7439453
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7439453

>>7438317
OP pic is related

>> No.7439523

>>7438532
Crypto is unregulated
Closest market is the chink stock exchange
Take a look what the big players in the chink market think of TA. It's a joke to them. They manipulate visuals to sucker in TA fags and then dump on them.
Crypto is no different

>> No.7439593

>>7439523
They created TA u degenerate,

>> No.7439606

>>7439453

So meme magic says that the entire wave will be 8500 - 4000 - 6600.

I'm tempted to enter leveraged orders based on this...

>> No.7439626

>>7439593
Americans turned it into fortune telling though

>> No.7439695

>>7439626
>>7439523
It's not fortune telling, it's a risk management tool and nothing more. I use it to create asymmetric risk/reward ratios and that's what every successful trader uses it for as well.