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Originally Posted by TeflonDawg
What do you think of cryptocurrency?
Have you gotten involved in any way?
What do you think is in its future?
My brother says you can't do technical analysis on it. However, I've seen a few people claim they're day/swing trading it. Who's right?
Don't see any real use case for cryptocurrency. Yet anyway. Have been trying to follow along with it but can't wrap my head around its utility. Then again I am an old
I have been watching the bitcoin futures and like the volatility. Almost pulled the trigger on a few trades this week but didn't. Anything I would do there would be very short term day trades based on momentum but the volume is still incredibly low. I also don't like the idea that the manipulated (?) cash market for bitcoin drives the bus making the futures and their low volume at this point just a follower that gets dragged along.
In most established commodity futures those futures often take the lead so if they move there is something behind that move. Bitcoin futures are no where close to having influence over the cash market.
I think the future is that some crypto will survive and thrive eventually but I have no idea which ones. With my limited knowledge bitcoin seems like one of the losers to me. Would see more of a future in Etherium and bitcoin cash as they seem to have more utility. But I am no expert. Most of the 1000+ coins are gonna be vapor.
Technical analysis works on everything. Or nothing depending on your feelings toward TA
It has been a heavily debated topic here on BFI over the years. But all TA really is, is a visual representation of the market. Trends and support and resistance which work in virtually every market will work in crypto too. But it all comes down to money management. I have been following a couple different breakout and momentum approaches to the bitcoin futures and they have been theoretically profitable so far. But a lot depends on how much slippage and getting stuck in a thin market actually occurs since I haven't actually traded it for real. The volume is getting better but it is still too low to really get involved with from my perspective.