Topic: Does technical analysis have any value for Bitcoin? - page 3. (Read 416 times)

Technical analysis is simply historical analysis which serves as a basis for future predictions and so far when it comes to bitcoin in recent times has been failing. The problem is not the technical analysis because every businesses and industry even down to companies use analysis to plan their next steps or how to tackle a problem. For me, the problem is the crypto industry which is still in its developing stage. Technical analysis when it comes to the stock market tends to be more accurate and the reason for that is because some factors are being held constant in that sector but in crypto, that is not the case. You don't know when a Tweet will send the market frenzy or when a government will make a news of kidnapping and other illegal news about crypto. You also cannot decide the comments of an individual that would make companies sit tight wants to retrace their steps in crypto. Put this together, no analysis would ever be 100% accurate it will just be the opposite which is what is currently being witnessed.

Technical analysis is not 100% can give profit to any traders. But it can give guidelines to all of us here, it may not be
precise but at least it give helps and idea for us to get more earnings in the end. And one more thing, all people gave an explanation
in the chart based on their TA was all just an speculations only were its up to us if we believe or not.

Technical analysis is the visual representation of the market psychology, BUT analysis is a total different concept with trading. Analysts have no responsability of their account, they just analyse the charts and paint beautiful lines on them. But if you are a trader and know a little bit of technical analysis you can make fortunes so I would say that TA holds big importance for crypto taking into account that there are few or none fundamental events to take into consideration like Earnings reports for stocks.

and many make several speculations and delete the ones that ar wrong so that the only ones visible are the ones that showed correct guesses, making it appear they are right more often than not. where reality is that they were wrong more often, but removed the wrong evidence

anyways my main point is dont trust people speculating the future based on TA where T=just a chart with a Trend line

technical analysis has absolutely nothing at all to do with drawing lines on charts.

the chart stuff is called TREND analysis. NOT TECHNICAL

know the difference
anyone trying to pitch you on future prices by just looking at historic prices, is not technical in any way.
in the real world things change due to real world causes.

eg. you wont see details about
transaction fee's on a historic price chart. yet thy affect peoples desire to move coins from/to exchanges
exchanges deposit limits or kyc requirements on an chart, as that affects it
hashrate numbers on a price chart as that affects if its cheaper to buy or mine it, plus cost to mine vs profit to sell
amounts of deposits not on orderlines waiting for the right oppertunity

so if anyone says they are offering a TA but all they show you is a chart with a line they drew. thats trend, not technical.

plus. i can make a chart and have over 50 different angled lines. for instance MA10,MA15,MA20,MA25->MA360
it means crap all. all it means is someone can draw a line at any angle and make it always appear right
(lazy trenders say, 'last month it showd ma20 followed, prvious month was ma50')
if they cant stick to one measure thats consistantly right, then they have noway of predicting the future

oh and one last thing...
bots.
by bots becomming programmed to follow set patterns. they actually do not predict the future, but set the future in play by all doing the same thing at the same time because thats what they are programmed to.
they are in no way predicting the future, they are self fullfilling thier programmed prophecy..
the only issue with that. is that human trading ruins bots programmed logic, which is where even bot trading fails people

Since begining of time people want to listen to someone knowing more. Often the case is this person have no clue, but know how to talk so they listen.
I dont believe in TA, its like fortune cookie, you may like it, but its not good for your health

Well, if it has a value, I usually combine it after analyzing the market, I use very little of it, some fibonacci and when Elliot is in trend, it has given me good results. I like to analyze the volume, review the main Exchanges, review the millionaire portfolios to get an idea of ​​what may be happening and when an important movement occurs, I react. I think that by combining this type of analysis with technical analysis I have a better chance of success.

There's nothing that would make Bitcoin so special that technical analysis would be rendered useless for Bitcoin. It's just that those articles that you get for free from crypto news sites have very bad analysis, and technical analysis on its own is never 100% accurate, in fact it just has to have above 50% accuracy to generate profit. Check the Speculation board, some users there post some quite interesting technical analysis which I saw being correct a few times.

I'm one of the trader who relies on chat and it works too but at the time it fails, I do take that as a risk I have taken. Although, I'm not greedy with market. I take smaller risk so that a lose won't be too much to manage .

I admit that those analyses sometimes can be very helpful when investing in Bitcoin. But there is a truth that Bitcoin or any cryptocurrency is too hard to predict. For example many people weren't expecting this downfall.

In my opinion, one cannot completely trust TA, now the market is too unpredictable. Even look at the situation with the price of Bitcoin over the past day, could this be predicted on the chart?

You mean the analysis to predict the price of bitcoin? If so, it doesn't make any sense.

Of course TA is good but, it is only good for the 0.1% population, the rest of 99.9% do not make good use of TA. I use TA all the time and it’s really good, but TA only work for 4% of all crypto listed, most crypto don’t really have TA value, the same we can say with DJIA too, only some blue chip has some TA pattern, all the other red chip simply have a rocket science Chart pattern. And I believe bitcoin has some of the same TA pattern shown in some blue chip DJIA components.

of course it is. but you have to keep in mind that technical analysis is not a fortune telling technique to predict the future without fault. it is more like some sort of guideline that can help us make the best educated guess about the possible directions that the market might go. then there are a lot of other external factors that can affect the price and when they are considered, you can have a better speculation.

^ Lol, John has a young age, he is now 26 years old at that face image.

Every trader do TA's on their own, TA is most important than predicting without proof of technical source. In my own, it gives help on traders to give reference even though this does not give much accurate result but at least it is possible. But I will suggest those people who are relying too much on chart analysis, also listen to the news that incoming that possible the reason of sudden drastically drop. Just like what happened at this moment. I dunno if it is because of BAKKT launching.

Every user of the cryptocurrency know the uncertainty of the network. Technical analysis is good enough for trading practice. Just for the continued buying and selling it is good, beyond that the price predictions were made with reference to the growth happened in past days during the same time period.

Till yesterday users could've bought cryptocurrency following technical analysis for the trading and long term holding. All of the sudden the market has shown a drastic change. This makes the cryptocurrency network more riskier, even the trading practice which commonly happens with cryptocurrencies.

TAs must have great value to a lot of Bitcoin traders. There are full-blooded crypto traders who are highly reliant on TAs rather than on fundamentals. They seem to find everything in the charts.

Personally, however, I find it a little funny when my friends talk generously about Bolinger Bands and Fibonacci and RSI and what have you. But then they barely make some profit out of trading. Some are even stressed because of lack of sleep over-analyzing the charts and gained nothing in the end. As for me, I prefer to buy or sell during large swings.

Coming up with a really nice TA on Bitcoin must entail a lot of skills. But there must also be a good reason why HODL became more popular than trade. 

John, here, has something to say:


(Photo grabbed from https://steemit.com/trading/@kryptokayden/and-they-said-trading-crypto-is-stressful)

You can analyze the direction of the price using a chart or TA, but this is not an ideal forecast. It must be remembered that Bitcoin is very volatile and something can always happen that is not according to plan.

Im neutral with this, I see nothing wrong on analysing what will happen next but the price will still be unpredictable keep in mind that there is a lot of traders every minute/second and that affects the price.

I do use TA at times when i want to confirm when to make an entry or exit points. Short term, Charts can be very helpful thou one should not entirely rely on them. I do take small profits and it works perfect every time.

The problem with some people is that they totally rely on chats, and they end up getting disappointed when things go side ways.