Topic: are u a technical analyst? (Read 536 times)
No, I am a shit coin trader, if you don't trade anything except bitcoin I don't think you need to be a technical analyst but definetely you need different skills.
Sometime i use technical analyst but I think it now suitable for me because when I use technical analyst on that I can’t see my perfect result so at the moment I’m not use it. Now I’m use manually analyst and always follow news for altcion and it is more effect for analyst altcoin market. Now I’m always see recent and up great altcoin live news. If you want to use technical so as your wish and you can also use this trikes.
Technical analysis is a very deep subject, we cannot cover enough of it in just a few posts, there are thousands of books out there that you can read and learn a lot of information, the only thing that I will say to you is that you find an author you feel comfortable with, also make an honest assessment of who you are and decide what kind of trader you want to become.
There are hundreds of indicators out there and you can apply it all to your charts but would still be wrong about the movement of the coin. The thing that you should focus on is the strategy that you are comfortable with. Consistency is the key and sticking to your own strategy would be the way to be profitable as long as you stick to it.
You can start with babypips and learn the basics for free. After that check "Charting financial markets" by Murphy, it's more comprehensive and solid material
Babypips is the best website that I can recommend to start with because it is a comprehensive website and step by step process so those who are new to trading would not be having a hard time understanding it.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
Technical analysis is a very deep subject, we cannot cover enough of it in just a few posts, there are thousands of books out there that you can read and learn a lot of information, the only thing that I will say to you is that you find an author you feel comfortable with, also make an honest assessment of who you are and decide what kind of trader you want to become. 
You can start with babypips and learn the basics for free. After that check "Charting financial markets" by Murphy, it's more comprehensive and solid material
I recommend to study tools for technical analysis such as: Fibonacci correction levels, historical levels, trend lines. Very help to visualize the picture.
Methods of Bitcoin Technical Analysis
To analyze Bitcoin technical differ from fundamental analysis, Bitcoin's technical method relies more on monitoring of prices already displayed on the chart.
For technicalists (chartist) use a practical way of detecting historical data on price charts, with a variety of analysis tools to gain better understanding and prediction.
For those who use technical analysis, a Bitcoin trader can know where the direction of the trend direction of important movements in price, market sentiment.
Methods of Bitcoin Technical Analysis to consider in Bitcoin trading:
1.Market displays everything.
Whether it's past, present, or in the future, everything is already listed on the chart.
For the case of Bitcoin, the calculated variables are demand in the previous time, present, and future, as well as regulatory changes that may affect the value of Bitcoin prices.
For now the current price clearly shows all the information that a technical trader needs to take a position.
2.The price movement is not entirely random.
because it usually follows a trend that is formed in the short term or long term.
Once created a price trend will tend to follow the pattern, which is why traders always try to estimate the best trends possible.
The better they can know the direction and strength, the greater the profitability they can accumulate.
3. 'What' is more important than 'Why'.
The technicalists tend to focus on what can be analyzed on the chart rather than figuring out the reasons behind the price changes on the chart.
4.History always repeats.
Based on this principle all the assumption that the psychology of the market is actually very easy to guess.
The proof can be seen from the common behavior of most traders when prices move in a pattern or at certain levels.
To analyze Bitcoin technical differ from fundamental analysis, Bitcoin's technical method relies more on monitoring of prices already displayed on the chart.
For technicalists (chartist) use a practical way of detecting historical data on price charts, with a variety of analysis tools to gain better understanding and prediction.
For those who use technical analysis, a Bitcoin trader can know where the direction of the trend direction of important movements in price, market sentiment.
Methods of Bitcoin Technical Analysis to consider in Bitcoin trading:
1.Market displays everything.
Whether it's past, present, or in the future, everything is already listed on the chart.
For the case of Bitcoin, the calculated variables are demand in the previous time, present, and future, as well as regulatory changes that may affect the value of Bitcoin prices.
For now the current price clearly shows all the information that a technical trader needs to take a position.
2.The price movement is not entirely random.
because it usually follows a trend that is formed in the short term or long term.
Once created a price trend will tend to follow the pattern, which is why traders always try to estimate the best trends possible.
The better they can know the direction and strength, the greater the profitability they can accumulate.
3. 'What' is more important than 'Why'.
The technicalists tend to focus on what can be analyzed on the chart rather than figuring out the reasons behind the price changes on the chart.
4.History always repeats.
Based on this principle all the assumption that the psychology of the market is actually very easy to guess.
The proof can be seen from the common behavior of most traders when prices move in a pattern or at certain levels.
Good considerations mate; however, as much as those criteria could be good indicators, you can't always bet on it that it will happen because the cryptocurrency market is always changing and it changes quite fast. Therefore, to me, check on what's happening around the market regularly, not only basing on news or trends. You should also check how the market is moving in terms of how the coins, not only the ones you have, but a majority of them is moving. At least, that way, you can get a feel of how the market is moving in general, which can help you decide on your future moves.
During trading on a crypto exchange, it is necessary to take into account the results of technical and fundamental analysis. Only in tandem they will give a good result.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
In trading, technical analysis play a significant role on the ways you make successful trade. I used technical analysis to know the right time to open a position and the right time to close one. I will advise you to open account with trading site that allowed demo or practising account and try to practice used each technical indicators and before you know you will become perfect in using them to your advantage. 
Technical analysis doesn't provide any indicator to predict the price movements with an accuracy of over 50%. The best is, to look behind the cryptocurrencies. Which project is connected to the cryptos, do they have the potential to stay alive and are they useful also for the "real world" business, who is behind the project and so on. If you see a serious project, there will most likely be a bull market on middle and long term.
Actually in some cases TA is very accurate. It won't tell you the exact moment when the price goes up or down, but it will tell you that a correction is due. Take the recent week.
The RSI was showing BTC as overbought right when it went over 7000 USD and that was the moment to sell if you were following TA. It somehow managed to bounce back from 6800 and go up, even though it should've corrected more, so that was a moment of uncertainty where you shouldn't trade, and of course we had a flash crash shortly after.
Technical analysis doesn't provide any indicator to predict the price movements with an accuracy of over 50%. The best is, to look behind the cryptocurrencies. Which project is connected to the cryptos, do they have the potential to stay alive and are they useful also for the "real world" business, who is behind the project and so on. If you see a serious project, there will most likely be a bull market on middle and long term.
Actually in some cases TA is very accurate. It won't tell you the exact moment when the price goes up or down, but it will tell you that a correction is due. Take the recent week.
The RSI was showing BTC as overbought right when it went over 7000 USD and that was the moment to sell if you were following TA. It somehow managed to bounce back from 6800 and go up, even though it should've corrected more, so that was a moment of uncertainty where you shouldn't trade, and of course we had a flash crash shortly after.
I don't have tips on how to make a chart to analyze coin prices. What I do to analyze prices is the usual annual cycle. If I notice the crypto market will usually go down in the middle of the year. That is it. So I never get panicked if the market is falling.
If you are a novice I recommend using Youtube, it has a lot of video about trading. Youtube provides basic trading guides such as market analysis, chart, coin, etc. Along with these illustrative examples are easy to understand.
Thats true. I am not a technical analyst and I have zero knowledge of these technical analysis when I started trading cryptocurrencies. I learn from here, from postings and advises, links being shared and from personal expereinces of fellow traders here. I too surfing information from youtube and interent. If you have the desire to learn, and eager and passionate enough to learn things I think youll get want you want.
If you are a novice I recommend using Youtube, it has a lot of video about trading. Youtube provides basic trading guides such as market analysis, chart, coin, etc. Along with these illustrative examples are easy to understand.
To begin with, just study the technical analysis, the figures of technical analysis, indicators. Just accumulate information. Periodically read the reviews, where they try to predict the price movement (but do not use them for your own transactions). Your task is to evaluate which assumptions were correct and then look at what indicators it was calculated. Over time, you will learn how to combine indicators for your own assumptions.
But never forget about the fundamental analysis. Also, any deal must take into account the news background. On the crypto market, news has a very strong impact on the price.
But never forget about the fundamental analysis. Also, any deal must take into account the news background. On the crypto market, news has a very strong impact on the price.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
Chart reading could be very confusing in the beginning, but its very important if you want to become trader, its true even you are expert in reading chart and expert in analysis the outcome still can be different, but the TA could decrease the risk and give the trader a better look in the market situation, TA is a very important thing for traders
Technical analysis doesn't provide any indicator to predict the price movements with an accuracy of over 50%. The best is, to look behind the cryptocurrencies. Which project is connected to the cryptos, do they have the potential to stay alive and are they useful also for the "real world" business, who is behind the project and so on. If you see a serious project, there will most likely be a bull market on middle and long term.
The technical analysis may be useful in some kind of market analysis but I do not think that the technical analysis is quite useful for analysing the crypto market because the crypto market is a nw market. Using the technical analysis on the crypto market is not so useful because there is not so enough historical date to male a correct analysis and the crypto market is a market with the small capitalization that causes any market manipulations which is not taken into account in the technical analysis.
i think even if you are pro technical analysis,your analysis will not be 100% correct, because fundamental analysis is needed too
but it's better than not using analysis at all.
but it's better than not using analysis at all.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
This uncontrolled market reacts to news quite quickly and if that happens all our chart readings need to re-study. So those technical analyses surely help to choose a good coin to invest but it is not so easy to get all the latest news instantly and follow accordingly. So you should be careful and watch market movements very carefully and sometimes need to book some losses to avoid huge losses. All these things easy to say but implementing is quite hard as per my personal experience.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
Chart reading could be very confusing in the beginning, but its very important if you want to become trader, its true even you are expert in reading chart and expert in analysis the outcome still can be different, but the TA could decrease the risk and give the trader a better look in the market situation, TA is a very important thing for traders
As long as you are trader, the buy and hold comes for long term trading, so trying to combine in with day trading, is actually not sensible when you can just stick with one alone. Technical analysis alone will not get us big profits as one of my friend always prefer trading against trend but using technical analysis, so far in my observation, he is not successful.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
Chart reading could be very confusing in the beginning, but its very important if you want to become trader, its true even you are expert in reading chart and expert in analysis the outcome still can be different, but the TA could decrease the risk and give the trader a better look in the market situation, TA is a very important thing for traders
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Yeah a lot of chart reading and analysis. Not all people are comfortable with that, me included. Amd learning how to read graphs and charting doesn't always give you an advantage since movement a lot of times are pretty random.
You need to learn TA basics , to understand it really well and to pratice it a lot ( with demostration account on forex for exemple ) I m learning trading until one year and im still in demo account cause my trading is not good enough . its like a marathon , or competition . Of course you need to like charts ^^ cause you gonna spend lot of time behind charts ^^
Technical analysis is more suitable in short-term trading strategies,
Here's a great compilation of tutorial videos,
https://www.youtube.com/playlist?list=PLH5Y2iK9-3frhIUAcXGpsEheQ7yvrwJrF
Here's a great compilation of tutorial videos,
https://www.youtube.com/playlist?list=PLH5Y2iK9-3frhIUAcXGpsEheQ7yvrwJrF
Hello there thanks for this very simple explanation on how to learn TA. I'm just new as well on trading and still in the process of grasping every simple ways to used to it. Also downloaded sone apps to help in learning. I think fo newbies like me, start first on making yourself prepared and knowledgeable already with this.
I think all trader who want to start crypto trading is should be learn about TA, because TA help to understanding about price action. To learn it we have to open account in coinigy, tradingview or cryptrade. TA will work better in day or long term trading in crypto that has high volume and high marketcap.
Every traders must know how to use indicators, and traders really do Technical analysis because this is the only way to make profit in trading. You just don't buy low and sell high you must know when it will happen, and TA will help you on that. Try to read books about TA, its very easy to understand you just need more time for that.
Technical analysis is more suitable in short-term trading strategies,
Here's a great compilation of tutorial videos,
https://www.youtube.com/playlist?list=PLH5Y2iK9-3frhIUAcXGpsEheQ7yvrwJrF
Here's a great compilation of tutorial videos,
https://www.youtube.com/playlist?list=PLH5Y2iK9-3frhIUAcXGpsEheQ7yvrwJrF
Technical analysis is basic of trading so veryone that want to become a trader should be has knowledge about it. And usually technical anaysis will more accurate in times frame higher like 4 hours and daily timeframe. To learn technical analysis is not necesary to understanding all kind of indikator, good TA is only use 2 or 3 different indikator, and TA that more accurate is price pattern and candle stick pattern.
I think all trader who want to start crypto trading is should be learn about TA, because TA help to understanding about price action. To learn it we have to open account in coinigy, tradingview or cryptrade. TA will work better in day or long term trading in crypto that has high volume and high marketcap.
Every traders must know how to use indicators, and traders really do Technical analysis because this is the only way to make profit in trading. You just don't buy low and sell high you must know when it will happen, and TA will help you on that. Try to read books about TA, its very easy to understand you just need more time for that.
I think all trader who want to start crypto trading is should be learn about TA, because TA help to understanding about price action. To learn it we have to open account in coinigy, tradingview or cryptrade. TA will work better in day or long term trading in crypto that has high volume and high marketcap.
Combination of few indicators may be a good way to predict patterns, but I gave up trading after realizing that the crypto market mostly runs on emotion. It will be very hard to predict such a market for a day trader or one must really keep his emotions and excitement under check or use some trading bot 
It doesn’t run on emotions. You have got it wrong or might you be disappointed with your performance and now you don’t want to take risks. Better is to check your interest, if that comes in wavelength with bitcoin and trading or investing, go for it and keep our emotions under control but if that doesn’t come in it, just leave. But don’t blame it for no solid reason behind. 
Technical analysis is very important to succeed in trading cryptocurrencies. I think the some tools that are used for technical analysis are
1. On-balance volume indicator (OBV) to measure the positive and negative flow of volume in security over time.
2. One of the most commonly used indicators to determine the money flow in and out of a security is the accumulation line (A/D line)
3. The Average direction index (ADX) is a trend indicator used to measure the strength and momentum of a trend. When the ADX is above 40, the trend is considered to have a lot of directional strength, either up or down, depending on the direction the price is moving.
4. Relative Strength Index (RSI) compares the magnitude of recent gains to recent losses to see if an asset is oversold or overbought.
1. On-balance volume indicator (OBV) to measure the positive and negative flow of volume in security over time.
2. One of the most commonly used indicators to determine the money flow in and out of a security is the accumulation line (A/D line)
3. The Average direction index (ADX) is a trend indicator used to measure the strength and momentum of a trend. When the ADX is above 40, the trend is considered to have a lot of directional strength, either up or down, depending on the direction the price is moving.
4. Relative Strength Index (RSI) compares the magnitude of recent gains to recent losses to see if an asset is oversold or overbought.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
Technical analysis is a vast subject and it is totally different from the fundamental analysis. Technical analysis can be mastered easily by focusing on practical experiments and not by theory lessons because here you should be focusing on practising sessions which involves everything from Strategies, Money Management, Emotions & Discipline, Trade plan, Journal, etc.For learning Technical analysis i would recommend you to go through the websites like Udemy, Teacheron, Chegg where many trainers and Good traders are there to guide and teach us the technical analysis in the good way. Apart from these there are also few reputed traders who are giving training workshops on technical analysis on their websites, just google it.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
For the first question usually technical analysis is used to know when you should buy and sell a coin/or any type of asset you are trading. For the charts it actually depends on the market and what type of trader are you. Usully in the crypto currency market 1 day and below are used. On stocks I used 1 day, 1 week and 1 month.
How to learn it you can download Ebooks or watch in youtube, you can watch technical analysis even if what they are using is not the crypto currency market. THe concept is actually the same.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
A lot of ways to learn more about technical analysis and the indicators that you will be use will depend on your strategy. Know first how to use indicators and how to read candle sticks though its hard to trade with cryptocurrency because of its volatility but I think it can still help you on your trading.
i wrote another post about this you may would find helpful.. we were discussing if technical analysis was useful or not, i put some things i like vs dont like, and weight how useful I feel it is.
TL:DR Yes and No.. it depends on the coin..and even if it helps.. common sense and avoiding emotional trading like fomo/fud/greed will take you alot further, especially as a noobie.
I do believe fundamental technical analysis works but only when other traders use it as a basis too... I think BTC/USD for example has high enough volume and enough millionaires/professionals where'd they'd all basically see the same indicators and tools giving them buy and sell signals so it becomes sort of a self fulfilling prophecy.. If you day trade BTC or ETH/USD, fibonacci levels or "just under" seem to play out very well with entry and exit points.. larger broader trades using moving averages and ichi cloud seem to follow stock indicators atleast in a general sense.
The problem with alt coins and btc/eth pairs is when you use technical analysis with these. there tends to be an extra moving part.. because the volatility of the alt coin also primarily goes up and down vs the price of the coin you're purchasing with.. which is often not found in traditional technical analysis since the price of traditional currency is way less volatile. Any TA can fall apart in seconds if BTC is bull running or dropping.. so the only real way to really use TA in these types of markets is to use it to judge what BTC/USD is going to do, and use that as the primary buy and sell indicator of your favorite alt coins. You can have a lot of success in alt coins I feel if you can move to BTC fast enough based off of things you see through technical analysis on the BTC chart, because you're moving one step ahead of the best revolving position...Think BTC won't break 9200 USD and we'lll spiral down to 6000 USD again or lower? You could move to USDT to buy BTC at that price again and alts will be waiting for you 50% off.. so the risk you take could net you 50%+ gains just reaching the correction price.. which is the safest of all sell zones to reach again (any price thats happened in the past will be exponentially more likely to be reached again over speculative all time highs).
Anyways.. as far as BTC TA (or even alt coins TA, but ALWAYS have BTC/USD Bitfinex on tradingview open while trading alts at all times so youre monitoring what the king is doing to help/hurt your trade's cause).. I try not to overcomplicate my predictions.. (breaking supports for profit - See Quickfingers Luc youtube videos this guy explains safe buying zones using nothing but resistance support for basic day trading, really good)
Ones I find useful
Moving Averages on the Day Chart (50/100/200 Day) - I value this one the highest.. its simple, and allows at a glance of scanning coins what has pulled back enough from runups that may be worth looking at if other indicators seem positive
Fibonacci retracements for buy and sell zones (just ideas on where to look for resistance levels to take profit, always leave the areas a bit lower, since everyone uses these to sell as zones, hence the more who use TA, the more of a self fulfilling propechy it becomes.
Bollinger Bands (sometimes I use these just to see how tightly wound things are getting when trying to break out from descending wedges/bull flags/etc.
MACD and RSI (just a quick indicator to pair with others to confirm the information the other indicators are showing me)
Ichimoku Cloud - Love seeing the overhead resistances and when on bull runs if its starting to fall flat.. this indicator isn't good on its own but like using with others.
Things I don't find useful:
Elliot Wave Theory - I can certainly appreciate the concept and I think overall the general concept of any 1-5 wave will lead to an ABC correction in a general sense is good, but as a predictive price to buy or sell at, it seems way too optomistic 99 times out of 100 to me. When chasing coins on a pullback however I do wait for the confirmed C pattern to form.. the problem is large runups can lead to a very long C extension (especially when paired to BTC acting up) so its just best to wait for confirmed reversal pattern over trying to buy based off of the measurement of C.
RSI alone - alot of people use RSI alone for whatever reason which I don't feel is a good idea.. it can in a general sense show if something is overbought or oversold, but something can rally oversold for days or weeks..btc in 2017 is a good example... if you sell when something is overbought or buy when its oversold, youre gonna miss alot of the tops of runups and get cut by the falling knife as it just becomes even more oversolid.. wait for other indicators to confirm what the RSI is telling you.
Anyways I do find some of the tools useful, but like all things nothing is always a perfect science. Even if you think TA is complete garbage.. use common sense when trading.. do not buy things in parabolic runups and dont buy coins all at once price (make sure to ladder into positions so you cost average.. and YES sometimes that means you will miss some of the bottom). At the end of the day I think TA can help you min/max your results with some practice.. but most of the gains comes from using common sense... buy low sell high and not fomoing or getting too greedy or panicking. If you are a new person work on managing your emotions and common sense first then work on perfecting your TA later.
Do you believe in the reliability of information obtained by technical analysis on crypto-currency market?
TL:DR Yes and No.. it depends on the coin..and even if it helps.. common sense and avoiding emotional trading like fomo/fud/greed will take you alot further, especially as a noobie.
I do believe fundamental technical analysis works but only when other traders use it as a basis too... I think BTC/USD for example has high enough volume and enough millionaires/professionals where'd they'd all basically see the same indicators and tools giving them buy and sell signals so it becomes sort of a self fulfilling prophecy.. If you day trade BTC or ETH/USD, fibonacci levels or "just under" seem to play out very well with entry and exit points.. larger broader trades using moving averages and ichi cloud seem to follow stock indicators atleast in a general sense.
The problem with alt coins and btc/eth pairs is when you use technical analysis with these. there tends to be an extra moving part.. because the volatility of the alt coin also primarily goes up and down vs the price of the coin you're purchasing with.. which is often not found in traditional technical analysis since the price of traditional currency is way less volatile. Any TA can fall apart in seconds if BTC is bull running or dropping.. so the only real way to really use TA in these types of markets is to use it to judge what BTC/USD is going to do, and use that as the primary buy and sell indicator of your favorite alt coins. You can have a lot of success in alt coins I feel if you can move to BTC fast enough based off of things you see through technical analysis on the BTC chart, because you're moving one step ahead of the best revolving position...Think BTC won't break 9200 USD and we'lll spiral down to 6000 USD again or lower? You could move to USDT to buy BTC at that price again and alts will be waiting for you 50% off.. so the risk you take could net you 50%+ gains just reaching the correction price.. which is the safest of all sell zones to reach again (any price thats happened in the past will be exponentially more likely to be reached again over speculative all time highs).
Anyways.. as far as BTC TA (or even alt coins TA, but ALWAYS have BTC/USD Bitfinex on tradingview open while trading alts at all times so youre monitoring what the king is doing to help/hurt your trade's cause).. I try not to overcomplicate my predictions.. (breaking supports for profit - See Quickfingers Luc youtube videos this guy explains safe buying zones using nothing but resistance support for basic day trading, really good)
Ones I find useful
Moving Averages on the Day Chart (50/100/200 Day) - I value this one the highest.. its simple, and allows at a glance of scanning coins what has pulled back enough from runups that may be worth looking at if other indicators seem positive
Fibonacci retracements for buy and sell zones (just ideas on where to look for resistance levels to take profit, always leave the areas a bit lower, since everyone uses these to sell as zones, hence the more who use TA, the more of a self fulfilling propechy it becomes.
Bollinger Bands (sometimes I use these just to see how tightly wound things are getting when trying to break out from descending wedges/bull flags/etc.
MACD and RSI (just a quick indicator to pair with others to confirm the information the other indicators are showing me)
Ichimoku Cloud - Love seeing the overhead resistances and when on bull runs if its starting to fall flat.. this indicator isn't good on its own but like using with others.
Things I don't find useful:
Elliot Wave Theory - I can certainly appreciate the concept and I think overall the general concept of any 1-5 wave will lead to an ABC correction in a general sense is good, but as a predictive price to buy or sell at, it seems way too optomistic 99 times out of 100 to me. When chasing coins on a pullback however I do wait for the confirmed C pattern to form.. the problem is large runups can lead to a very long C extension (especially when paired to BTC acting up) so its just best to wait for confirmed reversal pattern over trying to buy based off of the measurement of C.
RSI alone - alot of people use RSI alone for whatever reason which I don't feel is a good idea.. it can in a general sense show if something is overbought or oversold, but something can rally oversold for days or weeks..btc in 2017 is a good example... if you sell when something is overbought or buy when its oversold, youre gonna miss alot of the tops of runups and get cut by the falling knife as it just becomes even more oversolid.. wait for other indicators to confirm what the RSI is telling you.
Anyways I do find some of the tools useful, but like all things nothing is always a perfect science. Even if you think TA is complete garbage.. use common sense when trading.. do not buy things in parabolic runups and dont buy coins all at once price (make sure to ladder into positions so you cost average.. and YES sometimes that means you will miss some of the bottom). At the end of the day I think TA can help you min/max your results with some practice.. but most of the gains comes from using common sense... buy low sell high and not fomoing or getting too greedy or panicking. If you are a new person work on managing your emotions and common sense first then work on perfecting your TA later.
Technical analysis will help to decide best price to entry and out from the market, and this usefull for day trading and longterm trading, but sometimes TA does not work in crypto , and actually the price of crypto according to the fundamental of the project. Every trader use different way to use TA, and i personal only use candlestick pattern and price pattern with maximum 3 different indikator.
A great youtube channel is ''thechartguys'' extremely helpful channel, I have been following it for a good amount of time and the guy is very accurate with his analysis, I made a really good amount of money being patient and waiting for his big signals and it works most of the times.
I enjoy reading charts when it confirms speculations and fundamental news about a coin.To be a good analyst is to read a candlestick raw without any technical indicators. If later you become proficient then you add indicators like moving average, oscillator and rsi
Combination of few indicators may be a good way to predict patterns, but I gave up trading after realizing that the crypto market mostly runs on emotion. It will be very hard to predict such a market for a day trader or one must really keep his emotions and excitement under check or use some trading bot
I only used technical analysis for day trading but for the long term trading i prefer to use fundamental analysis. Technical analysis not really work in crypto because the price bullish and bearish according to fundamental of each coins. The price of crypto possible to going up more than 10 times just in amonth, so in this case this is because that coin has strong fundamental. Every trader should be understanding technical and fundamental analysis to predict the price of crypto.
Methods of Bitcoin Technical Analysis
To analyze Bitcoin technical differ from fundamental analysis, Bitcoin's technical method relies more on monitoring of prices already displayed on the chart.
For technicalists (chartist) use a practical way of detecting historical data on price charts, with a variety of analysis tools to gain better understanding and prediction.
For those who use technical analysis, a Bitcoin trader can know where the direction of the trend direction of important movements in price, market sentiment.
Methods of Bitcoin Technical Analysis to consider in Bitcoin trading:
1.Market displays everything.
Whether it's past, present, or in the future, everything is already listed on the chart.
For the case of Bitcoin, the calculated variables are demand in the previous time, present, and future, as well as regulatory changes that may affect the value of Bitcoin prices.
For now the current price clearly shows all the information that a technical trader needs to take a position.
2.The price movement is not entirely random.
because it usually follows a trend that is formed in the short term or long term.
Once created a price trend will tend to follow the pattern, which is why traders always try to estimate the best trends possible.
The better they can know the direction and strength, the greater the profitability they can accumulate.
3. 'What' is more important than 'Why'.
The technicalists tend to focus on what can be analyzed on the chart rather than figuring out the reasons behind the price changes on the chart.
4.History always repeats.
Based on this principle all the assumption that the psychology of the market is actually very easy to guess.
The proof can be seen from the common behavior of most traders when prices move in a pattern or at certain levels.
To analyze Bitcoin technical differ from fundamental analysis, Bitcoin's technical method relies more on monitoring of prices already displayed on the chart.
For technicalists (chartist) use a practical way of detecting historical data on price charts, with a variety of analysis tools to gain better understanding and prediction.
For those who use technical analysis, a Bitcoin trader can know where the direction of the trend direction of important movements in price, market sentiment.
Methods of Bitcoin Technical Analysis to consider in Bitcoin trading:
1.Market displays everything.
Whether it's past, present, or in the future, everything is already listed on the chart.
For the case of Bitcoin, the calculated variables are demand in the previous time, present, and future, as well as regulatory changes that may affect the value of Bitcoin prices.
For now the current price clearly shows all the information that a technical trader needs to take a position.
2.The price movement is not entirely random.
because it usually follows a trend that is formed in the short term or long term.
Once created a price trend will tend to follow the pattern, which is why traders always try to estimate the best trends possible.
The better they can know the direction and strength, the greater the profitability they can accumulate.
3. 'What' is more important than 'Why'.
The technicalists tend to focus on what can be analyzed on the chart rather than figuring out the reasons behind the price changes on the chart.
4.History always repeats.
Based on this principle all the assumption that the psychology of the market is actually very easy to guess.
The proof can be seen from the common behavior of most traders when prices move in a pattern or at certain levels.
I want to learn more about technical analysis, is there a specific way to use it? or a specific chart that fits to its use? give tips and advice, thanks!
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