Title: Learn how to read crypto market charts Post by: promise444c5 on February 16, 2024, 09:38:40 PM Learn how to read Charts Okay, let get on with it already :) What the heck is a chart ?? A chart is a graphic representation of data that transforms the data into visual components.For example, a pie chart uses slices of a circle and color coding to distinguish between categories of data. got directly from https://study.com/academy/lesson/chart-definition-types-examples.html Okay let's cut the crap, we will not be talking about school related charts [well they all give a representation of data and I know we are familiar with that]. Alright, let's concentrate on our digital currency world yeah! you heard me ;) in the digital currency world, the word chart originate from the Rise and Fall of Digital market or asset (stock,currency, crypto) you probably should DYOR on that We are mainly concerned about the crypto market . In Crypto market,learning to read the Rise and Fall of market is very essential We have two major types of chart used in crypto market Line chart Candle chart (very popular) among others.... There are others but I will stick with these two https://www.talkimg.com/images/2024/02/16/YwFXP.jpeg an example Line chart https://www.talkimg.com/images/2024/02/16/Ywt9c.jpeg an example Candle chart Fall => Sell => means the market is currently influenced by a larger number of sellers than the buyers Rise=> Buy => on the other hand means the market is currently influenced by a larger number of buyers than the sellers Okay I know you're probably thinking as a beginner "Yes! This is way easy than I expected " Yeah it's easy but that's just a foundational 0.5% lol ,you need to learn more to understand so you should DYOR on #How to read a crypto market chart Okay I'm going to tell you the benefits:
Enough of the points you will surely come across most of these in your quest of acquiring knowledge. Lastly, one of the key to predicting the future of that crypto you are willing to get your hands on is knowing how to read a crypto chart. Bernard Mannes Baruch once said https://www.talkimg.com/images/2024/02/16/YwEcj.jpeg Remember : prediction might never be accurate 100% in their prediction as we have other factors that affect our prediction sometimes among which are (Economy, Whales and influencers, e.t.c ) Code: DYOR All corrections and Additions are welcome :) Title: Re: Learn how to read crypto market charts Post by: Hatchy on February 16, 2024, 09:49:57 PM Code: DYOR Code: HODL Title: Re: Learn how to read crypto market charts Post by: OGsmall on February 16, 2024, 10:45:55 PM Code: DYOR Code: HODL For your knowledge, I guess it has shown me the concepts of cryptocurrency charts and what it also means. But OP is just a question do you think many people can make a lot of money without studying the chart Title: Re: Learn how to read crypto market charts Post by: Adbitco on February 16, 2024, 10:55:04 PM For long time hodler doesn't this really affect them?
I think as a trader there is every need for them to study the market charts before going into market to trade otherwise, as an investor who invested when the market is very down has nothing to do with charts except such investor wants to involves himself with scalping. Scalping is type of trading where the trader solely depends on the slight change of the market to make profits, so this type of trader can strongly make use of all these you listed above but, as a long term hodler or probably who has planned to hold for decades doesn't have this time to be looking over the charts though it's still important for investor to know but not necessary. Title: Re: Learn how to read crypto market charts Post by: promise444c5 on February 16, 2024, 10:57:12 PM But OP is just a question do you think many people can make a lot of money without studying the chart Yes! so true but they are only limited to their holdings,waiting for speculations about the markets from analysts to take actions, they are quite useful but do you even know how they do that??Well, they might get the right one or even the other way round or even get confused entirely. Learning to read a chart as a holder could be done just to understand how the market works not learning to become a full time trader lol,we still need news from every source to determine our actions most times. As a holder u can just stick to acquiring more holdings :) but its good to learn some basic things Title: Re: Learn how to read crypto market charts Post by: Pokapoka124 on February 16, 2024, 11:01:04 PM Strongly disagree with what you said op as a long-term trader I guess creating awareness of studying the crypto market charts should be more useful for both long-term holders and short-term holders too For your knowledge, I guess it has shown me the concepts of cryptocurrency charts and what it also means. But OP is just a question do you think many people can make a lot of money without studying the chart Title: Re: Learn how to read crypto market charts Post by: MusaMohamed on February 17, 2024, 03:59:39 AM Focus on weekly or monthly candles, by this you have long term vision for your investment that is better than using shorter candles like daily, hourly, 30-minute, 15-minute.
Looking at shorter candles will make your emotion and psychology less stable and more uncertain that will trigger you to make bad decisions. Make sure you pay attention on trading volume. Awesome crypto trading (https://github.com/SpiralDevelopment/Awesome-Crypto-Trading). Bitcoin support and resistance for dummies (https://bitcointalk.org/index.php?topic=5263232.0). Title: Re: Learn how to read crypto market charts Post by: pooya87 on February 17, 2024, 04:18:43 AM Reading charts by learning technical analysis? Meh. Many consider TA to be pseudoscience already and that's for bigger and least manipulated traditional markets. When it comes to altcoins, things become even worse. That's because of how their market works. They are going up and down with pump and dumps respectively.
So it is not like you can analyze the charts and predict a pump or a dump! The shitcoin is picked up by a pumping group, there is some arbitrary hype in their social media, there are other reasons, then the shitcoin starts pumping out of nowhere and before you can "analyze the charts" the dump begins and it all crumbles down. Title: Re: Learn how to read crypto market charts Post by: Husires on February 17, 2024, 07:16:49 AM Reading charts does not require a lot of knowledge. Making charts requires that you have technical knowledge, but benefiting from them requires that you have sufficient experience. I can tell you that the price of Bitcoin is now below the support level. Draw some charts and you will believe them and invest. This is wrong. You must prepare. An investment plan, otherwise it is better for you to follow simple strategies such as DCA.
As for altcoins, technical analysis does not work, especially for those altcoins that have low market capacities. Title: Re: Learn how to read crypto market charts Post by: Barikui1 on February 17, 2024, 07:29:49 AM Code: DYOR Code: HODL To me holding is much easier and less stressful compared to trading which you don't just need only knowledge of technical analysis to succeed, but so many factors like, knowing how to control your emotions, knowing how to use your leaverage rightly, knowing when to get in and out of the market correctly, etc so it's makes more sense to be a holder than a trader. Title: Re: Learn how to read crypto market charts Post by: Outhue on February 17, 2024, 08:28:47 AM It's not a bad idea but it's also not necessary.
I believe this idea of learning how to read charts can be stressful for many people, including me, I don't do this every time unless I want to do few trading. The most peaceful easy thing to do when investing in crypto is to avoid reading any chart and hold for long term, it will work in your favour when you accumulate your best projects in a bear market and take profit in a bull market, I don't see anything as easy as this. A long term holder don't need to worry themselves at all, it's a long term goal and it's the best thing that works in crypto space anyway. Unfortunately, many investors are always in hurry to make money, it's possible to make some in a short term, but nothing beats the long term investment strategy. Title: Re: Learn how to read crypto market charts Post by: 348Judah on February 17, 2024, 09:02:00 AM Code: DYOR Code: HODL For your knowledge, I guess it has shown me the concepts of cryptocurrency charts and what it also means. But OP is just a question do you think many people can make a lot of money without studying the chart From the way I pictured it, this should be what both the newbie and experienced members or traders should learn to follow, just as you've already advised, tell me how can someone be successful in trading either on long or short trade when he has no idea of using the chart, what are the past records for, what are the indicators there for, when we are not making use of them, even if you know how to use it before, there's nothing bad in a continuous learning and this will also serves as a reminder to us that we can actually improve on our ability on how to read the chart when we pick on one or two things from this presentation. Title: Re: Learn how to read crypto market charts Post by: EL MOHA on February 17, 2024, 07:16:08 PM @Hatchy is right. Long term hodlers do not need to study charts, do technical analysis and all that stuff. They just have to do dollar cost averaging and buy as much bitcoins as they can afford. Technical analysis is not accurate most of the time, DCA is a less risky strategy for investors. Although I don’t dispute the fact that an investor doesn’t necessarily needs the technical knowledge of a chart because once you’re in for a long term holding then there is no huge difference that a technical knowledge would have on that coin. But still have such knowledge is a added advantage because even though it is not 100% perfect, the knowledge of support and resistance can sometimes help you to either look for a better buy option in demand zones or sell options in support zones. Where this is most important or effective is when you combine both knowledge with DCA. Imagine haven the knowledge of a great demand zone and you know the coin bounce from there you can simply just add more in form of DCA at a every demand zone. But just have said a long term holding will narrow down the profit margin between a trader that uses this method and an investor that doesn’t. Title: Re: Learn how to read crypto market charts Post by: Monarch B on February 20, 2024, 06:08:55 AM Learn how to read Charts Okay, let get on with it already :) What the heck is a chart ?? A chart is a graphic representation of data that transforms the data into visual components.For example, a pie chart uses slices of a circle and color coding to distinguish between categories of data. got directly from https://study.com/academy/lesson/chart-definition-types-examples.html Okay let's cut the crap, we will not be talking about school related charts [well they all give a representation of data and I know we are familiar with that]. Alright, let's concentrate on our digital currency world yeah! you heard me ;) in the digital currency world, the word chart originate from the Rise and Fall of Digital market or asset (stock,currency, crypto) you probably should DYOR on that We are mainly concerned about the crypto market . In Crypto market,learning to read the Rise and Fall of market is very essential We have two major types of chart used in crypto market Line chart Candle chart (very popular) among others.... There are others but I will stick with these two https://www.talkimg.com/images/2024/02/16/YwFXP.jpeg an example Line chart https://www.talkimg.com/images/2024/02/16/Ywt9c.jpeg an example Candle chart Fall => Sell => means the market is currently influenced by a larger number of sellers than the buyers Rise=> Buy => on the other hand means the market is currently influenced by a larger number of buyers than the sellers Okay I know you're probably thinking as a beginner "Yes! This is way easy than I expected " Yeah it's easy but that's just a foundational 0.5% lol ,you need to learn more to understand so you should DYOR on #How to read a crypto market chart Okay I'm going to tell you the benefits:
Enough of the points you will surely come across most of these in your quest of acquiring knowledge. Lastly, one of the key to predicting the future of that crypto you are willing to get your hands on is knowing how to read a crypto chart. Bernard Mannes Baruch once said https://www.talkimg.com/images/2024/02/16/YwEcj.jpeg Remember : prediction might never be accurate 100% in their prediction as we have other factors that affect our prediction sometimes among which are (Economy, Whales and influencers, e.t.c ) Code: DYOR All corrections and Additions are welcome :) Nowadays chart analysis has become a very difficult task. I have heard from experience that technical analysis is a very big step. I am trying to master technical analysis but now I feel that technical analysis doesn't really work much. Why Technical Analysis doesn't work: I say from my experience less than 40% of technical analysis is successful. Because big investors here play psychological games. They can withdraw money instantly from small investors. Trading for small investors is risky. Currently the market depends on many things, the main of which is its various news and big investor mindset. So I'm learning it more and more. Title: Re: Learn how to read crypto market charts Post by: teamsherry on February 21, 2024, 09:38:58 PM This would be applicable for a trader, he had more business with market chart than investors, investors major concern is the price of asset at the time they want to buy, yeah its possible for then to learn, but it's not necessary for their success, long term holders don't have any need for market charts.
Title: Re: Learn how to read crypto market charts Post by: Hamza2424 on February 21, 2024, 09:55:41 PM Code: DYOR Code: HODL Well, I would like to make some corrections here, price action and chart reading are important weather he's a timeframe trader or an investor with a long timespan vision, because without chart reading you cant make good entries. Price action helps a lot in the efficient of the trades while making an entry in the market or taking an exit. Why and How I think you should know it as well. Title: Re: Learn how to read crypto market charts Post by: Ruttoshi on February 23, 2024, 04:36:32 PM Code: DYOR Code: HODL Well, I would like to make some corrections here, price action and chart reading are important weather he's a timeframe trader or an investor with a long timespan vision, because without chart reading you cant make good entries. Price action helps a lot in the efficient of the trades while making an entry in the market or taking an exit. Why and How I think you should know it as well. I see learning on how to read charts as a waste of time because I will never think of trading, but rather how to buy and accumulate bitcoin bit by bit through DCA for a very long time, with ease and rest of mind. Title: Re: Learn how to read crypto market charts Post by: Bushdark on February 23, 2024, 04:43:48 PM Code: DYOR Code: HODL There are many mistakes most holders mostly make because they do not understand the market at all. I would not advise someone to invest in Bitcoin when they don't know when to buy and when the market is overbought and about to dip. This basic knowledge is important for us to understand the market behavior and determine how we are going to trade in the market. This just a shallow knowledge about the market. Title: Re: Learn how to read crypto market charts Post by: promise444c5 on February 23, 2024, 04:54:40 PM I would not advise someone to invest in Bitcoin when they don't know when to buy and when the market is overbought and about to dip. Buying the is more of a method of buying BTC but this only works for BTC . Despite, all the advice dudes still want to get their hand on altcoins even if it's just 10% of your holdings, altcoins don't work that way and buying their dips could be very bad .This basic knowledge is important for us to understand the market behavior and determine how we are going to trade in the market. This just a shallow knowledge about the market. Besides, after accumulating alot of btcs the need of trading little out of your holdings to buy more btcs will arise and then u will still have to work your as to learning what you are running from. Title: Re: Learn how to read crypto market charts Post by: nngella on February 24, 2024, 01:22:56 PM All these won't be necessary for a long term holder so I will replace your quote with
Code: HODL [/quote] I think what you are referring to is strategy. Technical analysis and fundamental analysis are the two most prominent strategy in trading. Technical analysis is more on a short term investment and mostly rely on human behavior and candle stick. On the other hand, fundamental analysis study the income statements, balance sheets, and other indeces of the company to determine its worth and future prospect. Because you are more on investing on the future of the company, fundamental analysis is more of a long term strategy for investment. Title: Re: Learn how to read crypto market charts Post by: Fiatless on February 24, 2024, 08:22:53 PM Code: DYOR Code: HODL There are many mistakes most holders mostly make because they do not understand the market at all. I would not advise someone to invest in Bitcoin when they don't know when to buy and when the market is overbought and about to dip. This basic knowledge is important for us to understand the market behavior and determine how we are going to trade in the market. This just a shallow knowledge about the market. Title: Re: Learn how to read crypto market charts Post by: KingsDen on February 24, 2024, 10:08:05 PM This post reminds me of the popular I AM HODLING thread. While many experts were busy learning how to read charts, my guy was in the bar ;D. When the market was going down, many panicked and sold. But my guy was seriously HOLDING. You only lose when you sell when the market is shaken.
Relating it to this post. When you are a doe hard hodler, I don't think you have any reason to learn how to read charts. Unless you need as a basic knowledge because no knowledge is a waste. But anyone who wishes to be a good day time trader should be able to learn their chart and as well as the candlestick geometry. |