Crypto Charts Are Garbage - page 3. | Bitcointalksearch.org

Quidat

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Quote from: Lanatsa on February 29, 2020, 04:19:39 PM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Good thing that you had realized and this had been pushed up by most traders out there that charting does really work.This isnt in likes of stocks
or forex where charting do somewhat much better odds on profitability but here on crypto then it would be an another story yet we know the
price volatility is too high which cant really be compared on stocks when using up technical analysis and its quite amazing that youve been charting
for 10 years and you can able to tell the difference.

This is true but people are still using this stuff even here on crypto space since they do know that trading on different markets does really require these kind of analysis and it is way more better rather than doing blind or intuition trading.They arent garbage actually if you do know on how to read it up, the only difference here is the accuracy on such charting where it cant really be similar if you do make use it on traditional markets like forex and as you said the intensity of movement of prices is really different which highly affects the efficiency of signals being used.

Lanatsa

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Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Good thing that you had realized and this had been pushed up by most traders out there that charting does really work.This isnt in likes of stocks
or forex where charting do somewhat much better odds on profitability but here on crypto then it would be an another story yet we know the
price volatility is too high which cant really be compared on stocks when using up technical analysis and its quite amazing that youve been charting
for 10 years and you can able to tell the difference.

FanEagle

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Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Look, I am one of the people who think TA is a bullshit as well and I do not agree with them most of the time but telling that they are garbage is also not a thing neither as well. The thing is, there are THOUSANDS of people who are trading without any data at all and they are simply just trusting their instincts and so forth and I still think that emotions should not possess a place in trading.

So, the people who do chart reading are basically just simply doing one more step than all other people, it still doesn't guarantee you a profit but when you compare just emotions versus charts, at least charts are better option because you know what you are looking for in charts instead of just making stuff up. Like I said none guarantees profit but at least it exists.

Findingnemo

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Quote from: pakhitheboss on February 29, 2020, 01:07:33 AM

Quote from: Findingnemo on February 29, 2020, 12:49:41 AM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Technical analysis don't give you 100% assurance on price movement because crypto prices are highly volatile and often goes with manipulation by whales so it will not follow the price charts always but when the market is in sideway for too long then your TA can help you to make more profits.

Crypto price prediction never works. Bull market or bear market strategy do not work. It only helps to minimize your losses. I personally do not consider them 100 percent viable way to analyse the market. You need to consider other aspects such as news.

I am talking about side way means the price sticks to particular region for too long but still have the daily price swings of 3 to 4% which makes the TA to be more effective than bear or bull trend.

prussg

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All I’m saying is I know technical analysis doesn’t apply to crypto because it’s a highly manipulated asset yet, every time you read an article, it refers to technical analysis which is utter nonsense. Moving averages exist but whether you’re trading long or short they’re very insignificant.

desertfox470

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I think the OP wants to say that the bitcoin or other cryptocurrency is not a candle based is that due to the volatility of the market we are not able to use the candlestick, Actually it's just my interpretation but in my opinion candle stick and charts are very helpful in order to predict or get a sign or rather a signal to change a trend or whichever phase the markets are.

The Sceptical Chymist

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Quote from: exstasie on February 29, 2020, 12:15:15 AM

"Not candle based?" What does that mean?

That's what I was wondering as well, but I'm not a believer in TA--not for stocks, and not for crypto. Unfortunately crypto doesn't lend itself to fundamental analysis, so the only way to analyze anything is by studying charts and trying to predict the future based on that. I wouldn't argue that it never works, but I've seen some bizarre analysis from TA guys.

And no, I'm not sick of crypto charts, because I don't read crypto websites in general and when I visit the Speculation section I pretty much know they're to be expected. If chart analysis makes some people money, more power to them and they must be doing something right. It's not for me, however.

Baofeng

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Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Well I'm sick and tired of seeing crypto related article posting bullshit charts, just to get some clicks, in short they are garbage, thus for profit making scheme. But there are good analysis in this community, you just have to go around and see some 'reputable" technical analyst here.

What do you mean by "Bitcoin/crypto isn’t candle based" though? As far as I know, candle sticks can show you the highs and lows, so it can help you track price predictions.

ice098

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Quote from: davis196 on February 29, 2020, 06:29:30 AM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Perhaps the article authors are going a bad job interpreting those charts.That doesn't mean that the charts are shit,just the article authors(who in most cases aren't experts in technical analysis) usually suck.
You are right that the crypto charts have little to do with the stock charts,but that doesn't make them a useless instrument for market analysis.Can you refer to some low quality chart analysis articles that you don't agree with?

Most of those who give their further details of analysis has been very inconsistent with a certain trend. Some of them were very aggressive on every thoughts which sometimes exaggerating to read. I am pertaining on respective movements of each coin value, and I don't see fair outcome because some analysis was only trying to attract other individuals interest, in which we need to be careful as well.

Janation

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Doesn't mean you use this strategy means it will always be as successful as the other assets.

Candlestick is been used by a lot of traders and it will not always give you a profit since it is not a 100% profit-strategy since we all know this is just a strategy that gives you indications, movements of the price of assets you are investing in. Those charts are just based on the changes that happened, you can't blame it. Cryptocurrencies are naturally volatile, you should always expect a worse outcome.

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Quote from: ultrloa on February 29, 2020, 04:10:26 AM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Nope actually we are not tired to read it since by reading it we can get an idea on where does the events turn on crypto in some instance but you shouldn't expect that you will get a accurate analysis from it since sometimes it doesn't give you what you want in quick instance.

But don't ever think that its a trash since many people learn on how to trade from reading it.

I consider this to be a very important document before deciding to invest because you may not always know exactly what is happening in this market. Everyday I always analyze or consult some opinions of others to trade because this is the best way to reduce risks. For me, chart knowledge is never junk and you should take the time to study instead of whining.

davis196

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Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Perhaps the article authors are going a bad job interpreting those charts.That doesn't mean that the charts are shit,just the article authors(who in most cases aren't experts in technical analysis) usually suck.
You are right that the crypto charts have little to do with the stock charts,but that doesn't make them a useless instrument for market analysis.Can you refer to some low quality chart analysis articles that you don't agree with?

beerlover

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Quote from: exstasie on February 29, 2020, 12:15:15 AM

"Not candle based?" What does that mean? Candlesticks can be applied to any price chart, any instrument. They just track the open, low, high, and close.

Probably he is referring that candle stick pattern recolonization is not working for crypto trading. I also have felt like that. It is like when"doji" appears, we may expect a reversal of market trend but market may continue its current trend. It is possible for any market where whales are shaking directions on their own preferences. Even crypto markets are having enough volume, it is not big enough to withstand against few individual/group of people's manipulation.

All the markets which are getting manipulated time to time, may turn as an exception for technical analysis. Technical analysis work perfect with enormous volume; enormous volume is needed for ensuring withstanding against manipulation.

ultrloa

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Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Nope actually we are not tired to read it since by reading it we can get an idea on where does the events turn on crypto in some instance but you shouldn't expect that you will get a accurate analysis from it since sometimes it doesn't give you what you want in quick instance.

But don't ever think that its a trash since many people learn on how to trade from reading it.

sheenshane

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Crypto chart reading or having Technical Analysis(TA) through reading a chart is wont to give an accurate result in actual price results in crypto. It is very helpful for traders to give a forecast price movement based on the previous price. It is good to predict if you have references in trading, otherwise predicting the market movement without using this is might be boring.

Targeting profit through candlestick pattern might having beneficial to traders, I didn't consider this tool as bullshit and no use in trading.

xSkylarx

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Quote from: Findingnemo on February 29, 2020, 12:49:41 AM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Technical analysis don't give you 100% assurance on price movement because crypto prices are highly volatile and often goes with manipulation by whales so it will not follow the price charts always but when the market is in sideway for too long then your TA can help you to make more profits.

Some people rely on technical analysis because it serves as their guide in investing and we can't blame them for their belief. Most of us don't rely on technical analysis but it doesn't mean that it's just a piece of trash because we all rely on our comfort zone. The market is volatile and unpredictable so there's really no guarantee that charts are 100% accurate and it's just for us if we'll deal with it.

kawetsriyanto

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Quote from: The Cryptovator on February 29, 2020, 01:30:30 AM

Chart itself can't effect on the price of coin, but it helps analyzers get an idea how would move future.

Agree. The chart just helps traders to consider what they are better to do in the near future. It doesn't determine that someone can success to reach their target in profits. Everything depends on the trader itself. Traders can use the chart as one of the sources to make their decision but never relies on the chart. Remember that the chart is only about the current history of crypto price moves and the prediction of the next moves. It can change anytime!

Rosilito

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Quote from: rodskee on February 29, 2020, 01:26:10 AM

Quote from: prussg on February 28, 2020, 10:04:24 AM

Anyone sick and tired of articles citing charts? I’ve been in stocks for 10 years and I know how to read them. Bitcoin/crypto isn’t candle based.

Yeah more than 2 years account and just logged in to post this hatred for Technical Analysis this sounds great 😅 are a failed trader mate?why seems very angry about the charts and gave us choices with same answer ?anyway if you really knew how to read charts you will not be posting like this instead you will share your own analysis here

Probably, mate. He/she may be want to express his/her anger here. Felt sorry for you, man above. Charts are charts though it is quite significant for traders but you do not have to be totally dependent on it, you have to look on something else, and decide solely on your own analysis. Get better, man. There are many traders out there who look on the charts as well, and then probably might failed like you but moved on and did keep getting better. Build your own strategies man so you'll never be (might be) dependent on charts alone.

Sadlife

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Indeed crypto charts are much more unpredictable because of its unstable nature and tend to go wild swings in just a matter of hours. The regular trading strategy in stocks might not be compatible to crypto. So that's why many traders loss while others already adapted and has indicators and strategy of their own.

The Cryptovator

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Chart itself can't effect on the price of coin, but it helps analyzers get an idea how would move future. During live trades sometimes traders also follow chart trends. Everyone have different strategy for trading, we can't say others are wrong if they follow chart candles. For me, I see chart candle for previous prices. When price was bumped and pumped, what was ATH and what was monthly ATH etc. So I won't say chart is garbage at all. If it's not helpful for you then likely you don't know proper use for it. Perhaps it's helpful for lot of other people.

Topic: Crypto Charts Are Garbage - page 3. (Read 419 times)