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RE: Crypto Dip | NEO / VEN / ICON Spikes | Bitcoin Analysis

Personally, I use charts to set possible targets for buying and selling. My logic behind it is that there are a lot of people out there using the same tools and measurements setting similar targets based on those measurements, which defines their reliability. The validity (and its predictive power) of TA, for me at least, comes not so much from the patterns themselves but from the people who use them and, thus, validate them over and over again. In that sense, neither markets predict charts nor charts predict markets, but they tend to overlap because people use them as a guide for action.

Resistance and support lines are the same in their essence - they work when people agree on a specific line using a specific set of rules to draw those lines. That way, what comes first - resistance/support lines on the charts or people's perceptions that those levels are actual resistance/support levels - is a philosophical question (although I suppose most patterns come from previous observations of repeated market moves, so their origins are as much in human psychology (as described by the charts) as pure mathematics).

More advanced charting techniques that give deeper insights into what's going on on the market, in my opinion, are made valid by the same logic.

Funnily enough, you said you didn't use Fibs, but the targets you mentioned in your previous videos lie perfectly within the expected Fibs retracement levels for the upward move of BTC last year, which made your statements about TA in this video even more surprising to me. You must have developed a sixth sense through experience for this stuff.

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