Quote (Thursdayisgod @ Nov 26 2021 01:27pm)
hm, k another way
head and shoulders is a bearish ta pattern right?
it means bulls failed to rally the stock to a new local high and short-term traders will get pessimistic by the lack of momentum and typically will selloff so they can use their cash elsewhere
typically ta is a self-fulfilling prophecy as traders see a h&s setup and they expect everyone else to selloff so they also selloff (or they hold off on buying until the selloff), also a lot of high frequency trading is done via algos that have these trading patterns built in
memecoins are typically trading by unsophisticated traders, please consider it objectively, you might not be but most dogecoin hodlers do not know what h&s setups are. also memecoins are not approved by compliance departments at major funds to deploy client funds on so marketcap is almost exclusively retail traders.
I see nothing wrong with any of these statements.