Bitcoin Forum

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.

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!

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!

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!

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 :D :D

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.

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.

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

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

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.

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 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!

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.

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