Bitcoin TA or the Highway…

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Do you hate Technical Analysis or think it holds no weight in your day-to-day trading ideas? Think again. Bitcoin TA is not simply drawing lines and figuring out Fibonacci ratios to grow your investments. It serves trading bitcoin as Rambo served his country, often unloved but for sure a needed unsung hero for us to abuse…

Why use Technical Analysis in trading Bitcoin?

TA trading Bitcoin gives you structure as a trader to teach you how to objectively observe the market, if misused it can also serve to give you a subjective mindset that is no better then going to a casino and betting it all on RED. When you focus on an objective mindset of making a profit, you are forcing yourself in time to fit to those objectives.

At first, it might it might seem like a daunting task as real knowledge is often elusive at best and at worst you can fall prey to the marketing efforts of bad characters looking only to take you for a ride. There is no better teacher then the charts and real TA gives you the structure you need to simply increase profits and reduce losses in time.

Are you a trader or fortune teller?

Real Bitcoin TA does not aim to predict the future but serves more to balance the present. Many people wish to be able to gaze into the Bitcoin crystal ball and tell you where prices are going. I just recently watched an unfortunate trader calling for a HYPER BULL run between June 23rd and July 7th in the low 7k level just before we crashed down to under 6k.

We won’t mention the fortune teller’s name so as not to rub in his error of momentary thinking he was Miss Cleo Reincarnate. Prices can go up and down sideways from any one point in time. Real TA makes you aware of the possibilities within the scope of the “What Is” not the what will be. Think of Bitcoin TA as the truth knife and how sharp it gives you it’s EDGE, that is all TA does and through the observation of what is there, serving to give you that edge in trading.

BITCOIN TA OR THE HIGHWAY
BITCOIN TA OR THE HIGHWAY

All trading is a matter of numbers.

Many people who dislike technical analysis do so because they also dislike science and math. These people want quick and simple answers to most things, and if they can’t get them, well, they simply toss out the baby with the bathwater. In the end, the #s won’t care; there are teams of people who are mainly hired by financial firms who are paid millions of dollars to bring these numbers to light; like most very complex math problems, the solutions they provide are labor intensive and very expensive but so are the returns they make overall not to have.

A very well paid technical analyst can be paid many times what a NASA engineer with similar skill sets can make, this can buy many pocket protectors to keep them happy. Do the numbers work? If not then why do those who use/know them pay so much and get such great returns from them? Look up Jim Simons of Renaissance Technologies if you wish to disagree.

Master Mathematician and Trader

What kind of people are telling you that Technical Analysis is dogsh*t? 

Ok so you listened to Doug Polk or some other idiots online that does not even really know what TA really is to start with, example Polk is a card player and really does not have time to even understand what TA is, instead uses it to bash people promoting their course which the vast majority are utter crap and by people just looking to cash in on the hype because they are digital marketers. He produces videos to cause a BUZZ, kind of TMZ style that have no real substance, but people love talking smack/gossip girls.

The average person knocking using technical analysis to trade cryptocurrencies like bitcoin really doesn’t know anything about technical analysis to start with, nor are they ever likely to really take the time to learn what TA really is. They are the Al Bundy’s of the world who have all the answers but really no answers at all. It often is only to drive traffic to a topic they deem as having value, or they are just naysaying and probably are the types that sit on the couch with their hands down their pants…

Bitcoin TA & Al Bundy

Learn TA first before you bash it.

Before you knock something out, educate yourself on what it is exactly. There is nothing wrong with not believing in the validity of something, though you must first understand it. Knowledge is power, and talking about what you don’t know is like talking to people who say things like, “Cryptocurrencies are a scam.” If you think they sound stupid, well, how stupid do the people sound to those who really know how to use technical analysis in trading Bitcoin or other cryptos?

There are many sources on this site and many free sources on the internet to explore what TA is, such as Babypips a good free starting point. Other groups that you can follow in the signals section of this website by many talented traders who have large followings for a reason.

In summary, TA is what you make it. 

The Good, Bad, or Ugly. It will be up to you and how you choose to use it. If you choose to use it as a tool or with a supporting tool like the RSI tool, the charts will give you what you give them in the end. Due to the complexity of charting and TA trading cryptos, it is no easy task, and there are many out there far too willing to sell you the promised land when, in reality, they just researched it the day before to sell on their site.

In some ways, I would rather take the naysaying of a person like Polk to save people from spending money on useless courses that will never teach them real knowledge but mislead them into a circle jerk of miserable losses from everything technical analysis is not. It is not fortune telling, it is not a guarantee of future profits, and mostly, and I stress mostly, it is not for those who do not have the time or effort to put in the painstaking hours staring at charts and #s of the most obscure relationships to see past the depths of invisible, formless notions, that appear to be nothing more than figures of animal shapes drawn in the sky of a child’s mind.

Disclaimer

This article is for educational purposes only. We are no financial advisors. The information provided from SmartOptions is for informational purposes only. It should not be considered legal or financial advice. You should consult with a financial advisor or other professional to find out what may be best for your individual needs and risk tolerance.

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Rico Chette
Rico Chettehttp://smartoptions.io
Ricco Chette is nothing like what you could imagine, a fighter for the lost, weak and marginalized. Rico blazes a trail of truth often with a bullet or a glass of wine. You might think you know Rico, but you don’t… Lover of Crypto, Freedom and the Truth. Hear HER ROOOOAAAR!!!