Hello everyone am new here, ...so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance
Welcome aboard iloveegusi, i hope you may grow, prosper and learn a lot though this forum, No you are not breaking any law by posting any topic here, but you have to keep the types of your post in your mind before posting it on any thread, like i can see, you posted a question bout technical analysis on the trading discussion which is a good sing that you have introduced yourself with the forum rules. And i have a jumbo tip for you, Do not plagiarism on this platform.
Now coming back to your query, of is Technical analysis is necessary or not. it is damn necessary, actually most of the traders use two types of analysis before hand when they took entry in any kind of assets or digital currency. Which is Fundamental analysis and Technical analysis. In the first one (fundamental analysis) person get familiar with all the economical events and observe all the News cycle and try to find behavior on big whales accounts bia tools, to understand the broad image of crypto market. And after getting a good sign to take entry,
You further goes to technical analysis, in which you observe charts of the specific token, asset or security you have chosen to buy, sell, or hold whatever. You observe the charts, and apply different tools to deduct decision making patterns out of those charts. you must have good skill on it because it the main heart of the body. Overall, it's not that difficult and AFAIK, it is more predictable than fundamental ones. because charts depend on fundamental and fundamental depends on news cycle, government's steps towards crypto, rule and regulations, etc. which are unpredictable at some points.