TA and market prediction is worthless. Change my mind.

Just saw this gem of random bs in /r/bitcoinmarkets:

Current Crypto Bitcoin, Ethereum Trend indicators And BullshitCompany tools

Cryptocurrency prices have taken some sharp moves to the downside over the past seven days, to a three-week low as further pressure from China sent Bitcoin and Ether to the bottom end of the short-term ranges. Fred Eshram, the co-founder of Coinbase, issued a price warning about an approaching ‘ death cross’ where the short-term range is broken below the long-term average.

Bitcoin has lost over 20% and is down by more than half of its April peak of almost $65,000. Today alone, bitcoin is down 10% and ether 12% and broke through key support of $2,000.

The pressure from China started when the provinces of Sichuan on Friday ordered mining projects to close. Production of bitcoin in China accounted for 65% of the global production last year. The PBOC also issued a notice to a number of financial institutions concerning cryptocurrency transactions.

Michael Burry - the Big Short investor - has warned that the mother of all crashes is on the horizon and Main Street losses will approach the size of countries.

On the flip side, Billionaire investor Steve Cohen says, “I'm doing a deep dive into crypto and I’m fully converted”. Michael Saylor and Microstrategy have purchased another 13,000 bitcoin for approx $490 million and now have 105,000.

To remain bullish, in the short-term, it is vital that bitcoin holds $30,000, and ether needs to get back above $2,000 for the bulls to stay in control. Consecutive closes below $30,000 and $2,000 would indicate that the short-term trend has changed. The bears would seize control, and on the downside, the targets would be $25,000 and $1,500. After such an aggressive pullback we would favour going long if we can hold these levels but would want a buy signal from BullshitCompany to confirm this.

BullshitCompany Shows Double-Digit Returns in June But – BullshitCompany does not care what direction the market moves because BullshitCompany is designed to help you make money in either direction.

If you followed the signals just since BullshitCompany was introduced on June 1, for Bitcoin, you would be up 20% in the past week and up 12% in the past 7 days, and up 11% overall in the month of June. Contrast this to the actual performance of Bitcoin which is down 8.7% in the past week and 2.7% on a month to date basis, and BullshitCompany is up 20.8% in the past week and 13.8% month to date compared to simply holding Bitcoin for the same period.

If you followed BullshitCompany since Jun1 you would be down 10.45% in the past week and down 6.4% since the beginning of June. This is not as bad as Ethereum which is down 12.5% in the past week and down 14.7% since the beginning of the month. As a result, BullshitCompany is 2.1% better than holding Ethereum in the past week and 8.3% better for the month to date.

The BullshitCompany Team

Access your Advanced Subscriber BullshitCompany Forum.

Now, let's take a look at the valuable information included in this market "analysis".

We start off with five paragraphs of restating news of the last few days/weeks, follow up with a bit of baseless wishful thinking about "support levels" and stuff "they" would "favor", finally close with three paragraphs of marketing speech trying to make shorting seem like some magic "we don't care what the market does" skill.

Literally no relevant information is included in this, still people treat it as if it were some DD.

Same goes for any TA post you have ever read. It's just the guesswork of a random person having about the same merit as doomsday prophets moving their targets everytime their prophesized Big Event^tm doesn't occur.

Here, let me try:

Today we've seen Bitcoin break through its support level so a course correction is inevitable in the short term while in the long term we can expect it to move in the opposite direction before returning to previous levels sometime down the road. With MACD showing movement up and down, Bollinger Bands go below and above the recent trend lines.
Bulls would need the price to rise while bears like honey and prefer a downward trend.

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