RIP to all traders who thought they could use charts to understand Bitcoin (BTC)

Mike Alfred shared: RIP to all the traders who thought they could use charts to understand Bitcoin.

Community Response:

Because Sir you don’t understand charts. Your post is similar to people mocking crypto, when they don’t get what it’s.

I mean except for the traders who used charts and were 100% right.

50% right.  You gave 2 scenarios one was likely to be right.

It’s kind of amusing how people that just don’t get how to use TA always scream about how “it doesn’t work for THIS asset”.

RIP to everyone watching the news and not the charts. TA is why I was able to buy the dip.

Yup, TA doesn’t work. “Is the bitcoin macro bottom in? Truth is, no one knows, but quite frankly, why should we care? We’ve been waiting for this level for weeks now and it gave us a beautiful trade.”

I predicted to there would be no crash in the coming weeks and to the contrary, we’re gonna see a run. Not using charts, but looks like things can be predicted.

The chart told you that 35k was a support level just a month ago. XD People who don’t TA and don’t know what a support level is. Are the ones who panic sold? What are you talking about???

He’s talking about investing in bitcoin-based on fundamentals, not TA. A lot of “analysts” were calling for sub 30k dollars, even sub 20k dollars. TA doesn’t account for inflation, war, etc.

Investing and trading are two very different things. We make money on the way down as well. No high level of ‘understanding’ is needed to just TRADE the charts.

Exactly not RIP. The chart is really helpful for identifying support and resistance. So, we can carefully buy the dips and reduce position/take tiny profit on the pumps so that we can buy again deeper instead of using additional hard-earned income. Alongside investment.

A lot of bullish news for the market, as Russian and Ukrainian people, are dumping their fiat currencies to BTC and other crypto assets. Causing their stock market to remain closed. We are getting close to a decentralized world with not a single entity to control us!

I’ve been in Bitcoin for 1 year. This is the perfect summary. Nobody knows anything.

It works better than nothing and works. Everything even stock and forex has news and random buyers, ta works though, it works constantly I am still learning and can show you it working, not 100 percent, probabilities and money management is successful, better then.

Charts don’t help you understand bitcoin or anything fundamentally. Charts help you identify ideal short/mid-term entries/exits. Most traders that understand the fundamentals will always be looking for dips to stack SATS.

Been preaching this gospel to all the money ball chart lovers. You simply can’t trade the coin like securities or commodities.

Traders use charts to understand price action, not the asset.

I’ve always said that TA is just astrology for finance. The people that make the most money in this space are those that have conviction, buy the right coins and hold their crypto.

Is there any indicators that you find useful, or is your position that technical analyst is useless and fundamentals should be the source of truth?

That’s why the only way is to buy the Bitcoin dip and HODL the rip.  Don’t trade and never sell.  This long-term strategy will outperform any trader and you will have way more free time instead of being stuck behind a computer screen 24/7.

You can, stop using lagging indicators and understand order flow. Know when to acknowledge and undermine FA, obviously with all the bullish fundamentals showing CA has nothing on their citizens using crypto to fight for their freedom, and imposing sanctions will hedge into BTC.

I’ve not had any problems using the charts at all, it’s given me precision entries in the last month. I trade short-term and I hold long-term as well. Whatever works for you works for you? Your statement is nonsense.