Does technical analysis work for Bitcoins as well?

[Frizz23]

What do you think? Does the Bitcoin market function like every other (stock) market? Can technical analysis tools be used to forecast market trends?

E.g. Elliott Waves, lines of support, resistance, channels, and more obscure formations such as flags, pennants, balance days and cup and handle patterns.

Do you guys use technical analysis on e.g. MtGox?

[sukiho]

are you looking for a trend?

[Wintermute]

Can technical analysis be used to forecast trends in other (e.g. stock) markets?

[HDSolar]

Can technical analysis be used to forecast trends in other (e.g. stock) markets?

I don't see why technical analysis would not work for bitcoin.  You might have problems with data quality or limited data to do full scale analysis since this is an emerging industry.  I would say there is enough stuff going on that one could do this and over time more and more can be done.

Now the best way to go about it is a good question.

[muyuu]

Poorly, as it does in other markets.

[Wintermute]

Poorly, as it does in other markets.

That's what I assume to. I do not believe in technical analysis, but that all available information is priced in the current value.

[Endgame]

What do you think? Does the Bitcoin market function like every other (stock) market? Can technical analysis tools be used to forecast market trends?

E.g. Elliott Waves, lines of support, resistance, channels, and more obscure formations such as flags, pennants, balance days and cup and handle patterns.

Do you guys use technical analysis on e.g. MtGox?

I would say that it works. But as with conventional trading, I wouldn't want to rely solely on it. Its just another feather in your cap, along with fundamentals, news, and weekend dip, among other things.

[HDSolar]

What do you think? Does the Bitcoin market function like every other (stock) market? Can technical analysis tools be used to forecast market trends?

E.g. Elliott Waves, lines of support, resistance, channels, and more obscure formations such as flags, pennants, balance days and cup and handle patterns.

Do you guys use technical analysis on e.g. MtGox?

I would say that it works. But as with conventional trading, I wouldn't want to rely solely on it. Its just another feather in your cap, along with fundamentals, news, and weekend dip, among other things.

+1

[Andrew Vorobyov]

I do not believe in technical analysis, but that all available information is priced in the current value.

The first part contradicts with the second...

[ElectricMucus]

It works in certain situations using scientifically rigorous methods, but I doubt there is anybody in the whole bitcoin trading game utilizing something like it.