Speaking of Technical Analysis, what are everyone's thoughts on it as it relates to computer coins?
This is week 4 of my diving headfirst into crypto land, and I'm spending the majority of my non-work time absorbing as much as I can. Inevitably I end up on Youtube watching someone give a TA on a particular coin, and it all seems like divination to me.
For instance, let's take a coin like MANA. It had a huge run up shortly after Facebook announced their renewed focus on the "Metaverse" and changed their name to Meta, so MANA and lots of other projects in the space like SAND got nice boosts. Yet a TA of those coins would not be able to explain such a boost. They can only point to lines and trends and trace points and patterns, but there's no accounting for what the actual company behind the coin is doing out there in the world. The second you use real world news to account for a bounce or dip, it's no longer TA (right?).
Basically I just want to know if I'm wasting my time drilling into TAs of coins, and instead should focus on researching projects, the people behind them, their goals, and what space they want to occupy in the greater crypto and Web3 ecosystem. I feel like TA is meant for the very mature and competitive traditional stock market, where teams of elite Wall Street analysts battle each other in money chess to manipulate the market, but cryptos are way too volatile and irrational (DOG$hit coin!) to do TA upon.
Lastly I made my first bet, it's small, but could go parabolic. No, it's not a poocoin. I learned about it on 4chan and TikTok, two extremely trustworthy sources of crypto info, so I'll keep you all updated on how it goes.
This is week 4 of my diving headfirst into crypto land, and I'm spending the majority of my non-work time absorbing as much as I can. Inevitably I end up on Youtube watching someone give a TA on a particular coin, and it all seems like divination to me.
For instance, let's take a coin like MANA. It had a huge run up shortly after Facebook announced their renewed focus on the "Metaverse" and changed their name to Meta, so MANA and lots of other projects in the space like SAND got nice boosts. Yet a TA of those coins would not be able to explain such a boost. They can only point to lines and trends and trace points and patterns, but there's no accounting for what the actual company behind the coin is doing out there in the world. The second you use real world news to account for a bounce or dip, it's no longer TA (right?).
Basically I just want to know if I'm wasting my time drilling into TAs of coins, and instead should focus on researching projects, the people behind them, their goals, and what space they want to occupy in the greater crypto and Web3 ecosystem. I feel like TA is meant for the very mature and competitive traditional stock market, where teams of elite Wall Street analysts battle each other in money chess to manipulate the market, but cryptos are way too volatile and irrational (DOG$hit coin!) to do TA upon.
Lastly I made my first bet, it's small, but could go parabolic. No, it's not a poocoin. I learned about it on 4chan and TikTok, two extremely trustworthy sources of crypto info, so I'll keep you all updated on how it goes.
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