Technical Analysis by Memes
TA is silly to me. Sure, some people may be good at it. It sounds like a guy named Elliot knows a good strategy. But I don't see the point of looking at candle sticks and drawing stick figures on them when there is already a clear predictor of a coin's success -- Memes, with a capital M.
My Strategy
I have a straight forward strategy which has worked at about the same rate as the best TA out there.
Step 1 - Find the Main Meme Source
Find the coin's chat channel. If it's on Telegram, that's a plus. Telegram is the best transfer for memes, with stickers and bots. Namely, it allows for the best creative flare, which gives you the best basis to work off of.
IRC is a bit limited in generating meme personality. Discord feels like I am talking to teenagers the whole time, no matter how old the members actually are. Discord feels like everyone is playing Call of Duty in the background while chatting about when their mom's allowance will moon.
Step 2 - Canvas for Memes
Look through the history of the chat and get a feel for the general vibe. You're looking for memes. Meme volume and creativity is a sign that the group doesn't take everything too seriously. Memes as inside jokes are many good points for the coin.
When the group knows that there is too few uses for crypto in general, and they don't talk like the blockchain can cure cancer yesterday, then you should seriously consider buying. If they know this, yet continue to push for new technology that makes sense, you may be onto something magical.
Step 3 - Look for Red Flags
Religious following is a red flag. When a member gets banned for constructive criticism, that is also a red flag. When a member critiques the coin and offers their own energy to improve and gets no support from the group, that is another red flag.
When the group has overdone memes about "when moon, when lambo, when hookers and blow" since the beginning, that's a red flag. I'd say that if these memes make up anything over 50% over the chat content, that's not good. There should be a sprinkling of actually useful questions and answers.
Step 4 - Buy or Leave the Chat Immediately
If you've found the memes satisfactory, you should buy. If not, leave the telegram group. You don't want their shitty vibes in your head space. It becomes a cancer even to glance at it on your notifications. The quality of your memes will deteriorate as a result. You are a meme artist and you want to hang out with winners.
If you do buy, wait and offer to help with things that you enjoy. Be warned, however, that if you enjoy helping, whether it's development, copy writing, or PR, you may find yourself quitting your job and becoming a crypto memer full time. You may in fact find that this work is more consequential than your corporate job. The irony of this revelation becomes almost painful. In fact, irony crops up a lot more the longer you stay in the game.
There you have it. My personal TA strategy is more enjoyable than looking at graphs and thinking your shit smells like butterscotch.