I agree that traditional technical analyses are not fully applicable to BTC, but all markets behave according to certain 'Universal/Fibonacci' rules since all markets are ultimately ruled by a combination of human psychology (short term) and fundamentals (long term).
So it's good to keep an eye on short term technicals, especially if you are a trader, but fundamentals will always out way sentiment in the long term.
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I Belive there is no harm in investing that amount which you can afford to lose..In my opinion any one having knowledge of investing should have their 10 percent of investment in high risk assets which can give high returns as well..bitcoin is one of them.
I agree, the only difficulty is, what constitutes a high risk investment?
I personally think that Bitcoin is less risky than Tesla for instance or even Deutsche bank just to give an example.