Trading Tip `The Wall´ – Meet the TA Gods
HomeCryptocurrency NewsCryptocurrencies Latest News

Trading Tip `The Wall´ – Meet the TA Gods

Whether TA works or not is a topic discussed ad nauseam in cryptocurrency circles. As a cryptocurrency trader with a fascination for engine...

Bitmex Research: New Data Points to Noble Being Tether’s Primary Reserve Bank
Mastercard “Very Happy” to Use Cryptocurrencies, Just Not Real Ones
Coinbase Reveals Partnership With Barclays Bank

Whether TA works or not is a topic discussed ad nauseam in cryptocurrency circles. As a cryptocurrency trader with a fascination for engineering, math and science, I backtested the entire spectrum of the most popular bitcoin TA indicators in early 2015 using the now defunct Tradewave-platform, in search of that magic formula that would allow me to make money on auto-pilot. I did not find it.

Also read: Drop Tokens That Suffer From Overtokenization

Meet the TA Gods

Currently, I’m working on recreating a 2018 version of that experiment, the results of which I’m looking forward to sharing with you in a column post soon. However, I can already reveal that the results are not looking promising. I’ve long been disillusioned with the prospects of earning a steady income using predictive algorithms, to the point where I’ve stopped believing in them completely.

Trading Tip `The Wall´ - Meet the TA Gods

So, while I color myself a TA skeptic, I still tend to marvel at the near-surgical precision of which the market tends to move in certain cases. Observing the above picture, I’m yet again amazed to see the bitcoin price just reaching the descending trend line just under $12,000 before continuing its downward trajectory. How can it be, that while the empirical evidence for TA disproves its relevance, these TA bulls-eye calls appear again and again?

Enter Crypto Twitter

Look at the tweet above. That is just one of hundreds of such tweets I’ve seen in the past months; tweets listing various “TA Gods”, each with tens or hundreds of thousands of followers, who seemingly worship the chart analysis bestowed upon them by their holy prophets.

One such TA god is @angelobtc, who has undoubtedly earned that position as he’s the #1 trader by notional profit on Bitmex.

 Trading Tip `The Wall´ - Meet the TA Gods

That’s $30 million in profit.

Make note: the top trader on Bitmex, which is the largest exchange by notional volume, is not some Goldman Sach’s trading desk or some hedge fund algo-trader. It’s a Twitter guru, fully immersed in crypto Twitter memeology, slang and banter. He’s even a decent OC meme-lord himself.

So what does @angelobtc do then with his impressive, proven track-record of trading and his 93,800 follower base? Here are some examples:

Fibonacci lines (TA).

Price calls.

Memes.

The Global Hivemind of Memes

Bitcoin traders are, demographically speaking, a pretty homogeneous group. Broadly speaking, we are 18-34 years old, male, and avid Internet users. As a group, we have since the evolution of Internet culture developed our own way of effectively spreading and sharing ideas on a global scale, and that is through viral memes. In a sense, that is how we, as a demographic, experience the world and the events in it together.

It is perhaps not that crazy to assume that this phenomenon has carried over to the bitcoin markets. I contend that at a micro scale there are certain “trading prophecies” that spread among cryptocurrency traders just like viral memes, through Twitter, Telegram and Discord trading chats. These prophecies then become real, through the belief and actions that their audience undertakes.

What are your thoughts on so-called “trading prophecies?” Let us know in the comment section below!


Images via Shutterstock, Twitter.


Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

The post Trading Tip `The Wall´ – Meet the TA Gods appeared first on Bitcoin News.



from Bitcoin News http://ift.tt/2HJGLpv
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Trading Tip `The Wall´ – Meet the TA Gods
Trading Tip `The Wall´ – Meet the TA Gods
https://news.bitcoin.com/wp-content/uploads/2018/02/A6D2B838-2F2E-4B34-97EF-FF46D3327F4E-1-768x768.jpeg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/02/trading-tip-wall-meet-ta-gods.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/02/trading-tip-wall-meet-ta-gods.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy