Bitcoin bids at the ready below $60,000 Data from Cointelegraph and Tradview followed BTC/USD as it hit intraday highs of $61,668 on Bitstamp. The pair recovered from local lows of $59,950 the day prior, these marking a fresh dip below the key $60,000 mark amid a feeling of uncertainty over BTC price support. Now, bids were appearing under spot price with hours to go until the weekly, monthly and quarterly candle close.“$500M+ in bids were placed below price (but mostly pulled) and open interest going up,” popular trader Daan Crypto Trades wrote in a post on X (formerly Twitter) covering order book liquidity shifts.

The above is from an article on BTC and some technical analysis of its recent movements. It goes on into some detail further on and the link is below if you want to dig in. My point on even bringing this up is that I am very skeptical of any technical analysis, including the stock market, but even more so in the crypto world. I spent a lot of time one semester in my early twenties while finishing grad work studying and writing on technical analysis.  I did so as I was randomly selected by the professor for this line of study, not by my choice. The whole time I was working on it, my only thought was that shouldn't I actually look at these companies and markets a little deeper than just staring at how their stock charts are moving? 

I just don't buy that you can dictate how a stock will perform in the future based on what pops out form its past movement. If I have jumped ahead, here is the actual definition of Technical Analysis:

a form of security analysis that uses price data and volume data, typically displayed graphically in charts. The charts are analyzed using various indicators in order to make investment recommendations.

So essentially someone says, "Look, a Screaming Cross of Triabithia over the last two months, that means that the stock is poised to jump 20 percent." (I made up that Screamng Cross thing, I don't really remember any of the names.) I get it, there must be something to it, the books I was using for my class were huge, so someone thought it works. It is just not for me.

Anyway, no real point here, I just saw an article about crypto and technical analysis and thought I would rant about it.