We hit for the second times the new support at .00001727. This time with lower volumes the price went up so I guess there less seller pressure and we are about to see the price go up ?
Maybe it will go up and hit a the former support at .00002. Then we'll see if it can brake it with enough volume ...
I'm reading my very first book of charts technical analysis, I love it ! Any opinion on noob TA ?
i'm not a fan of TA as it's never proven actual predictive power. as far as we know, prices in the short run follow something close to a random walk ...if you ever generate a price chart from a random walk process you'll see that it'll look just like any stock or asset price movement; there'll be things that look like resistance levels, trends, trend breakouts, etc. but the fact that we created the charts from random walks should show that our human minds all too often find meaning in the meaningless
There are literally thousand of profitable traders , both long term and short term, that use nothing but technical analysis. Most people who say technical analysis doesn't work have either never tried it or blew up their account because they lacked discipline. Technical analysis is 20% system and 80% risk management. Nothing predicts market movements 100% of the time, but if you ride your winners and cut your losers short you stand a great chance to make a lot of money.
there being a set of people profiting on technical analysis for some period of time doesn't prove it works; we'd need more evidence to prove it's not in the noise of randomness or luck, and so far that evidence doesn't exist. TA strategies do not have a documented record of producing alpha, so use them at your own risk.
Saying technical analysis is equivalent to noise, randomness or luck, is about like saying price and volume means nothing. TA is an enormous field and is a great deal more than just support and resistance, whole numbers and Japanese candlesticks etc. Any one indicator is prone to false signals, taken in sum though provides a statistical advantage. Even if the advantage is purely because of a self fulfilling nature it shows that it does indeed hold some value and is not random.
The price of something over time and how much of it is being traded is of undeniable value and reflects a great deal on how the world perceives what is being traded. This information is purely technical, it would not be necessary to even know *what was being traded. You could deduce the publics sentiment simply by looking at these 2 things, price and volume. This is the root of TA. It goes a great deal beyond this of course, with all sorts of wonky indicators, most of which are not worth the trouble and are in general not very reliable, especially on their own.
Technical analysis is 20% system and 80% risk management. Nothing predicts market movements 100% of the time
This can't be overstated. Discipline is by far the most important aspect of successful trading, and is the hardest trait to master. Without it you are almost certainly guaranteed to eventually lose your shirt.