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Author Topic: Can I use Forex instruments of tech analys for cryptotrading?  (Read 34 times)
tseplish
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April 19, 2018, 02:46:35 PM
 #1

candles, Fibbonachi, levels of support and resistance an so on...
I know that this market is more volatile.... So will these instruments be useful here?
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fabioganga
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April 19, 2018, 03:00:48 PM
 #2

candles, Fibbonachi, levels of support and resistance an so on...
I know that this market is more volatile.... So will these instruments be useful here?

There are indeed a lot of similarities between the two. I use indicators in Bitcoin's charts, such as RSI or RSI Stoch. I also use tools such as Bollinger bands and SMA. And I find them to be accurate enough to give me a good indication of the trend.

There is, however, very often less data to run your analysis on. Apart from BTC, Litecoin and a few others there are not many coins that have enough volume history to base a good and reliable technical analysis on.

This can be your main problem, especially with new coins. The shorter their history, the less accurate your analysis will be due to a lack of enough data to create a pattern that can be studied.

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April 19, 2018, 03:03:16 PM
 #3

candles, Fibbonachi, levels of support and resistance an so on...
I know that this market is more volatile.... So will these instruments be useful here?
Some threads that can maybe can help you get the answers that you are looking for.

[1] Is technical analysis bullshit?

[2]  What sites can i use to do technical Analysis for Crypto ?

[3]  Resources for Technical Analysis

[4]  Technical Analysis

[5]  Is technical analysis useful?

[6]   Making Technical Analysis Count In Crypto - Trading


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dothebeats
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April 19, 2018, 08:02:48 PM
 #4

IMO you still can use these indicators and TA instruments since most traders also use them as their basis on the next movement of the coins or to draw out their next move. Various data from different exchanges are well interpreted by TA descriptions and jargon, since it would be so hard to not do it the way it is. However, any data you have gathered through TA may or may not turn out true in the case of crypto as it has a high tendency of shutting down sensible analyses that were made even by the most experienced traders in the field of stock markets and forex.

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April 19, 2018, 08:13:54 PM
 #5

candles, Fibbonachi, levels of support and resistance an so on...
I know that this market is more volatile.... So will these instruments be useful here?
Yes, you can use up those technical indicators on cryptocurrency trading but dont just rely on that fully yet those tools are good but not on high precision if you dont make up or use of fundamental analysis.Just use up for your own convenience and if you do see it works for you then proceed but as i have said earlier dont rely too much because this market is way too unpredictable.
Forex and Crypto do have similarities but would be entirely different when it comes to volatility and price movement factors.


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kolesozw
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April 19, 2018, 08:45:53 PM
 #6

candles, Fibbonachi, levels of support and resistance an so on...
I know that this market is more volatile.... So will these instruments be useful here?

Personally for me, they are not working.
Just crypto trading is completely different than Forex and markets are driven than completely different factors.

I'm using just my common sense, news and rumors. And zero technical indicators.
bitcoinsymphony
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April 19, 2018, 09:47:53 PM
 #7

Actually, all these instruments came from Stocks and Futures trading, not Forex Smiley
And yes, you could use any technical analyzes instruments on any price chart, on crypto as well. Still, you have to understand the mechanics behind the price movements and know what you are looking for.
For example, Support/Resistance levels work well to determine, where is a better price for entering the market and where it is time to exit.

Checkout web-service Tradingview. It gives free access to market data and possibility to play with well-known instruments for tech analyzes.
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