RE: BitShares (BTS): Is Now the Time to be taking Buying or Selling Action?
Haejin uses EW to predict future prices. It doesn't predict timescales, so his predictions could be a long time in coming to fruition. A lot of people don't realise this and follow blindly hoping to make a quick buck and that when he makes a prediction it will happen in a matter of days. He is the best out there for EW however you have to realise the above when reading his predictions.
I'm still still undecided about the mantra "a news or event will arrive to justify the forecast". Crypto could well be a different beast and the tail possibly wags the dog meaning BTC dictates what happens to all ALTs. In addition despite being decentralised technology, the market is clearly manipulated, Reducing the effectiveness of EW, resulting in predictions that look wildly optimistic or even incorrect. In using past waves to predict the future trend, it can also look like a person using EW is constantly changing their mind, as they react to what has happened, and update their prediction. Again this looks more like a prediction based on an event that has just happened rather than news or event arriving to to justify the forecast.
Sorry for long reply but in short people should stop bashing Haejin and instead understand the above principles and appreciate the insight he gives, rather than following blindly. Yes he is earning huge sums of money in STEEM, but we happily let footballers get paid $300,000 a week so let's put it into perspective.
So why the heck call it 'Technical Analysis'? When it can simply be called 'Technical Gibberish' or better yet, 'Superficial Analysis'?
It's like saying I can predict with certainty that there will be a powerful earthquake to hit Japan or the world is about to end one day--I just don't know when it will happen but it certainly will. My goat! I say, you stop smoking something while investing in cryptocurrency!
He's not doing justice to the term 'Technical' to the fullest extent of the word. What he does is funny predictions by which even our local church evangelists are capable of. Clue: the Bible is full of stupid predictions.
It's utter nonsense! You make silly predictions today, and then you modify the next day because your initial prediction was so wrong, and the chain of adjustment(s) go on and on throughout infinity all while making a full time living out of doing that shit. Seriously? I tell you something, even my late grandfather was doing the same crap for ages, staring at the numerical angles all day long, albeit not a cryptocurrency chart, but a local lottery probability combinations.
Hey friend thanks for sharing your thoughts but if you don't believe in Technical Analysis why follow a blog which only does Technical Analysis ?
I will meet you half way and agree that since EW does not give a timeline it's effectiveness may be reduced when used alone, since during that time manipulation or event can occur which fundamentally changes the predicted future pattern. This could be especially true in the pump and dump culture of the crypto space which is still in its infancy. The price can jump or dump on the back of a comment from a prominent YouTuber.
Oh and the Bible seems to have done a good job of predicting a One World Totalitarian Government and Currency, which is where we are heading !
I am curious where did you get this fake news? When you check the Steemit trending tab--which happens to be saturated with "Technical Garbage"--can one now be considered following someone else's daily bread?
I would not be surprised if you were also an avid fan of either David Icke or Deepak Chopra.
I'm sure you are clever enough to understand the point I was making.