For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.
Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?
why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move
Because I'm guessing most traders live in time zones other than UTC. I imagine the majority are more US based. An analysis of market activity by time could show when most trading occurs. So the "trading day" so to speak probably doesn't coincide with UTC.
The "trading day" is 24/7. There may be periods where there has been more volume historically, but I expect you would find several such volume peaks if you were to look at the data. The US is likely the largest minority but I'm not so sure about majority.
For these type of technical analyses what difference does it make that bitcoin is a 24/7 market vs. other markets that have set trading hours (e.g. FTSE is 8 to 16:30 GMT). I'm guessing this has an impact on the daily candlestick.
Also I'm guessing you are using the bitcoin charts to determine the candlestick, so on the UTC timezone, but if the timezone was EST (East Coast US) for example the daily candlestick could be different?
why should you use any time zone except UTC ? everything is in UTC and everyone use UTC using other time zone is pointless since few or none use that and wont get the market sentiment/move
Right. You can use whatever you want, but if you want to read the candles and trade off of them you should use the same candles others are using so you make the same call.
So it works based on some sort of self fulfilling prophecy effect rather than the candles reflecting more underlying market sentiments and movements.
To a certain extent, yes. Candles alone are invalidated all the time, but other indicators can help identify when that is more or less likely to happen. But, in the end, technical traders rely on others seeing the same thing as them, but after they do. Sometimes they can catch a news event before it is announced (insiders give it away with their activity), but again, candles are just one very small part of the picture. Some indicators do depend on the definition of the day, but others are more continuous.
