 | For whatever reason, it seems that the community is split on whether technical analysis (TA) is a useful metric in today's crypto volatility. I'm here today to discuss how cones are not just good indicators of how markets move, but also how these cones are baked in to our culture and the way we all operate. Let's start there. But first, caveat that this is not financial advice and I have nothing to sell. I'm just offering opinions and sharing my expertise on Cones. Culture Everyone knows the saying C.R.E.A.M., popularized by the one and only Wu-Tang Clan. For the uninitiated, C.R.E.A.M. is an acronym that means: Cones Rule Everything Around Me. Stage was set long ago, but as of recently when Reddit Avatars came to exist we had new indicators on the impact that Cones could have. u/ChipperdoodlesComic created the Avatar Cone Head, an ultrasound money representation of our crypto markets. Then u/Hoppy_Doodle gave us a historical re-creation of the Cone Wars. What this tells us is that Cones are a staple in society. We see them everyday without even realizing - on the street, when we open up VLC media player, and when we look at charts. Which leads to... Technical Analysis If you've been through this most recent market cycle, you've probably seen this graphic before. Wall Street Cheat Sheet - Psychology of a Market Cycle What does this remind you of? Do you see any particular shape or object that fits into this chart? If you don't see it now, that's ok as I will break it down further. This is also not a new phenomenon. The Wyckoff market cycle tells us a similar story: 100+ year old chart known as the Wyckoff Market Cycle In the Wyckoff Market Cycle, you can see that there are 8 technical indicators here - known as cones - that show us how a typical cycle acts. Now let's take an ETH chart and apply what we've learned: Cones No one can time the market, but once you get more inundated with Cone Technical Analysis (CTA), you can use that to your advantage. Even if your strategy is to HODL or DCA, having a basic understanding of the cone market can help you avoid making mistakes or doubting your plan when times get tough. Always trust in the cone. tl;dr 1 CONE = 1 CONE [link] [comments] |
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