Among cryptocurrency traders, there is a growing interest in astrology as an alternative method for predicting prices. While many rely on technical analysis, some believe that the movements of celestial bodies can influence financial markets.
Popularity of Astrology Among Traders
Astrology has become part of a developing industry worth $2.2 billion in the U.S. A recent Pew Research Center study found that about 28% of Americans consult astrology at least once a year. On social media, numerous traders share their successes based on astrological principles.
Professional Traders' Standpoint
Despite the growing interest, many professional traders, such as market observer Craig Cobb, express skepticism. Cobb states: 'I would never trade based on astrology or moon phases.' He emphasizes that success in trading depends on thorough technical analysis, not astrological signs.
Methods of Using Astrology in Trading
Astrology advocates, such as renowned crypto astrologer Crypto Damus, claim that astrology can be employed to predict market movements. Their approach includes creating a natal chart for the cryptocurrency based on the time and date of its 'birth.' This chart is then analyzed alongside planetary movements, which they hope will allow them to anticipate changes in the market.
Astrology as a method for predicting cryptocurrency prices incites much debate. On one hand, there are supporters who claim it works, while on the other hand, professionals rely on traditional technical analysis. The effectiveness of astrology in contemporary financial markets remains an open question.
