#数字货币市场洞察 For many people, the first thing they do after entering the crypto space is to dive into technical analysis—they memorize over a dozen candlestick patterns, recite MACD divergences backward and forward, and can talk about RSI overbought and oversold conditions at the drop of a hat.

But when it comes to real trading, they still get rekt just the same.

Last month, I met up with a friend—everyone in the circle calls him A Feng. This guy is the really diligent type, his trading notes are more detailed than a thesis.

During that ETH pump, he was glued to the chart, watching the 5-day moving average cross above the 20-day moving average, his hands shaking with excitement: “Golden cross! This is definitely going to moon!”

And then? He went all in.

That night, ETH started dropping. Several big red candles wrecked his account. When I visited his place, he was just staring blankly at his computer, with indicator charts covered in red pen notes spread across his desk.

“This stuff doesn’t work at all,” he said, pointing at the screen.

I glanced at his entry point and almost burst out laughing—the spot he entered was clearly the tail end of a pump, with the trading volume already shrinking.

“Did you check the volume before entering?” I asked.

He froze for a second: “Didn’t pay attention.”

“What about the resistance levels? Did you confirm those?”

He scratched his head and said nothing.

See, the problem was never about whether the indicator works or not, it’s about what you’re trying to do with the indicator.

Technical indicators are meant to help you judge timing—not give you a green light to chase the top. At the highs, every indicator looks great—moving averages lined up bullishly, MACD flipping from green to red, Bollinger Bands widening…

But those signals are often the biggest traps.

The real issue is: most people only learn “how to read indicators,” but don’t understand “where to read indicators.”

When the price is consolidating at the bottom, a golden cross could be an opportunity; after a big pump at the top, a golden cross is more likely a sell signal.

Three days later, ETH bounced back a bit from A Feng’s entry. Seeing his account finally back in the green, he breathed a sigh of relief: “Thank goodness, I should be able to break even.”

I didn’t say anything. Because I knew that kind of bounce is called a “high-level pullback”—the last bull trap. If it fails to break the previous high, it’ll just drop even harder next.

The market doesn’t lack people who can recite formulas—it lacks people who can control themselves at the key moments.

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