You want the technicals, the fundamentals, or the conspiracies?
From the technical point we have reached the top at 20k and stopped there forming a double top, which should be a sell signal. A dcorection was long due, so we were supposed to go to at least half of the slope, which was 10k. There was a chance to defend it but we had some Korean exchanges hacked, Binance kicked out of Japan, bans in India, and so it went...
Fundamentals are calling for a bounce back with lightning network expanding, CBOE launching an ETF, and many other things, but the decision was postponed which caused the recent crash (IMO it was a completely dumb and emotional reaction from the market).
Conspiracies? Too many and too irrelevant to waste time explaining.
Is technical and fundamental analysis work at this stage of cryptocurrency market like it works in forex and stocks markets???
yes no need to explain conspiracies but how about scams??? Because of scams mostly investors changing their minds to enter crypto market now.Its only my opinion as I read all through news.Also scams through crypto are very easy due to lack of regulations.
IMO fundamentals are the leading factor. You can see how important they are when they start overpowering the technicals. For instance, we had a huge bullish sign on August 27th with that dump attempt that was immediately bought by the bulls. Without any news the TA would clearly show that we're on a way up, but instead we went down with the news about ETF decision being postponed. This was a nice example of the fundamentals overpowering the technicals.
What scams in particular? There were no huge Bitcoin scams for a while. There were some hacks, for instance that Korean exchange a couple months back, but those guys were as careless as you can be with multiple hoot wallets on auto withdrawal with no supervision. If you are smart you have 80-90% of your money on cold wallets, even if it makes people wait a bit longer. If you keep all your money on hot wallets you have to be a moron.
Last thing, scams in the altcoin sphere don't affect BTC, it's the other way round.
Thanks for an excellent explanation about indicators.
I am talking about the scams going around like I mentioned one here about my country.I am giving here 2 examples.
1) One person Mr Amit Bhardwaj was in news with a Approx $28B scam.He first attracted investors to invest in his Bitcoin mining system when price of Bitcoin was $1000 or maybe less and he promised monthly return.He did it with properly register companies in his name and partner with some chines people.When price of Bitcoin rise above $15000, he fled with whole amount of Bitcoins and later arrested somewhere.Now he is saying that he is ready to repay investor's investment and not the profit.But investors are not ready for that.Case is pending now.
From above case I just want to shed light on these kind of scams where some smart criminal or greedy kind of people fled with investors money.If they get arrested fine but this really impact the further growth of crypto market, because new investors or the old one avoid to invest again which means less liquidity and trust of market and last market turn slow or boring.
2) Second case I mentioned in my first post which is bigger than above one where a newcomer Bitconnect run with investment of billions of dollars from a single state of my country.
Overall I think these kind of scams definitely discourage investors to enter in this crypto market.