/biz/ - Business & Finance

When I started crypto, I followed several youtubers and TradingView pages and became familiar with trading on TA

When you start out, you're made to believe that TA charts map market psychology; that is, how millions of investors make trade decisions in mass, and this somehow, organically, produces these chart patterns, and Fibonacci levels that you can analyze to predict future trends.

Biz will say TA is astrology, doesn't work, is not real, but biz is only half right. Let me explain.

If you have the firecharts indicator, you would have seen that the "inverted hammer" on the weekly chart was orchestrated by a single mega whale last week. Inverted hammers are a sign of trend reversal. Now the charts are playing out based on that trend reversal signal. TA works in crypto, but it's all fake.

>>49385153
apparently a single megawhale is the only thing keeping it afloat above 29k
why he's doing it? who the fuck knows
trading at a loss to keep prices up seems counter intuitive, its a long term plan is my guess

people are selling
its all being absorbed by a single whale
why megawhale is desperate to keep bitcoin above 29k is a mystery

crypto is so dead right now, volume so low, mega whale can put the price anywhere he wants.
If he were to leave, its pretty much over
but for now, looks iike he's staying
But it goes to show how centralized crypto really is
Crypto in general was a failed attempt at improving the financial system
Its popularity grew only in a quantitative easy environment