Bitcoin Forum

https://twitter.com/rovercrc/status/1684902775120179200?t=SGmw_tF0wjFfuWECMXZ_6w&s=19

BTC graphs/ price patterns in particular always looks like an artist painting, with each having a name for the slope or curve or depth or whatever symmetrical graphic display to express its market position at the moment.
These price patterns help traders know when best to buy or sell, that's if they can properly identify and interpret what the patterns infer.


What other names do you know not mentioned above show  these trading patterns or graphic display?

For newbies also getting into trading, I took the liberty of compiling some steps that can help you use these trading/chart patterns or what I call graphic display to your best advantage while trading.


https://altfins.com/knowledge-base/chart-patterns/

Your thoughts are welcomed!

Trying to use patterns to predict the direction of the price is good, but they are considered confirmatory factors, meaning that you use the pattern or several patterns to ensure the accuracy of your technical analysis, and it differs from trading in forex or stocks because the change in supply and demand for bitcoin cannot be measured with the same accuracy that occurs in the rest Markets and therefore it is not necessary for Bitcoin to adhere to the same pattern that occurs in other markets.

learning the patterns and name them would be a waste of time if you are investing in altcoins and a significant error rate in Bitcoin.

My trading understanding proves different to what you indicated here and I don't believe there is any asset class or investment that I don't have the full understanding of how they trade and behave. Price action or pattern recognition is the same everywhere and applies to any asset class for trading in the same way, the principle is the same. Only the psychology and behaviour of different asset classes vary, which is why some might not be as thrilling in results as expected but that will not change the principle of the usage of the price action and the application on the trading chart. This also applies to altcoins and all charted markets.

What I can say in addition is that anyone who wants to use price action should endeavour to know it well and use it on the higher charts for a better outcome, and also add other trend trading strategies or a breakout strategy to it, so that it can better confirm the condition in case you are trading a noisy market.

You must be artist to draw fancy patterns on chart but it won't help you to succeed in trading.

If all patterns work like how they are taught in schools, courses, many people will get rich because they know about patterns and are able to draw fancy charts to predict the market movement accurately.

In actual trading, mostly patterns don't work how they should be and who bet with patterns will lose money. The market whales, manipulators know about patterns too, maybe understand about patterns more than newbie and amateur traders so they will direct tumhe chart to their favorite patterns. At the end, they boost the market to an opposite direction than it should move according to patterns.

Their names do not really matter, it is important for people to learn the meaning behind the name. If you look at a name you get nothing, it's just a name and means nothing without you explaining what it is. But, if you talk about what head and shoulders is, then people know what it is. I haven't seen it there but maybe I missed it and even if not that's alright it's not a great one anyway.

All in all I would expect people to be a bit more careful regarding this and I think it's going to matter a lot when the time comes. Surely we are going to end up becoming a lot better and that means we are going to be doing some stuff that will change things in the end. However, we can't really make sure it can change a lot, it's going to be a tough situation.

I agree with you, Trading Chart pattern are good and can be profitable if applied in the right place and at the right time, They are technical analysis simplified, it only for the trader to know when to use them in the market whenever it appears on the chart. Trading chart pattern at a major support and resistance can change one's entire trading life, especially the reversal patterns double top and double bottom plus H&S pattern.

Can you explain more and what do you mean by "not as exciting in the results as expected"? Tracking patterns alone without taking trading volumes into account will lead to the failure of the strategy, and the volatility of Bitcoin is far from following a specific pattern on the short level, and perhaps it is only a confirmatory indicator.

If you can explain with some examples, that would be valuable. I wish to add examples from bitcoin trading and not from forex or stock markets.

Cup and handle pattern is one of the popular patterns before when the price is moving on a parabolic pattern. This is not on your list and I notice that only few TA analysts on twitter only use this pattern maybe because most of the price behavior usually have sharp movement.

Also there's a bart simpson pattern as meme pattern which price pump - side ways - price dump to form bart simpsons image. This pattern usually happening on shitcoins that do rug pull.

Everyone will get their own ideology for the game and it will differ to person to person.But using the knowledge create some tactics,that tactics can be formed only by the old movement of price of that particular coin.Understanding the trading is most important factor to start the trading using the money.Trading is based on the real money,So start the trading after the knowledge.The strategy of bitcoin and altcoin are the same,the important factor is applying and finding the best strategy to start the trading and start with 10-20$ as initial.

Am sure only the professional traders would even use such cup and handle pattern to initiate trade, because a movement that doesn't show sharp rise or fall for me, is one that should be waited out before considering trading unless I choose to ignore and just trade at the moment.

Am not of the idea that trading should and must be done after consulting the price patterns on a given day. Instead, am more atuned to make potential traders sharpen up their skills by adding the knowledge of studying price patterns to make a conclusive analysis for educational purposes, for future trade investment or in an advice scenario.