Is Technical analysis bullshit?

[developer4z]

I am not yet sure if TA actually works with crypto currencies.
I haven't had any success with pure TA so far. However fundamentals and news seems to do better job at predicting the price of a crypto.

Or Am I doing it wrong? I tried a simple RSI strategy to trade and it didn't workout well.

Should I even bother with technical analysis when it comes to cryptos?

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[pawel7777]

1 - TA won't predict the future. No one serious would ever claim that. At very best it could increase your chances of accurate prediction of market behaviour based on the past movements. It's not deemed very effective even for traditional markets.
2 - TA is completely useless for the market that is often being moved by unforeseen events, i.e. China bans BTC, Mt Gox coin dump, large exchange gets hacked etc.
2 - Self-fulfilling prophecy. If some popular analyst(s), with very large following, present their TA, that itself could actually move the market.

[Crypto Guru]

People used to follow TA before. But now a days all fake analysts and well bribe paid analysts made the TA as a joke. I personally stopped looking TA in any market include stock, forex, crypto markets. The reason is Analysts are bought by companies to give their stocks or coins a extra hype by doing a intentionally created artificial analysis which is totally on the other side of the market.

so , TA is less and less trustworthy.

[andohyeb]

Technical analysis works with any asset that has chart to show it historical price. The only problem with technical analysis  and crypto is that, majority of traders depends on speculations to determine their prices not on technical analysis.

[Aleister Crowley]

a lot of some analysis that emerged from the RSI that just makes us stuck in a circumstance like a price dump. and it makes the head feel as if it will break,, making its own analysis by holding on to some predictions will be better than RSI...

[richardsNY]

If enough people are following and actually acting based on what the charts are pointing out, then it's very likely going to work, but this market is too unpredictable to purely focus on that. TA works pretty well based on how traditional investors and institutions apply it on stocks and such. The crypto market is literally infested with empty headed fools gambling their savings based on nothing but hope. I think it's safe to say that with how this market will become more professional throughout the coming years, TA will become far more of a fundamental driver than it is right now, but that directly means the volatility will significantly decrease as well.

[crypmike]

of course, technical analysis works in crypto as well as in any other market
the reason is the same as always — TA is about crowd's psychology
You should understand why graphical patterns appear and you will realize why it works

[omfg.xekcep]

TA does not work. Ask yourself if TA were work then trading robots would trade instead of real traders but it is not so because professianals trade themselves. I do not assest that TA does not completely work because sometimes it works but it is an unuseful instrument if it works just sometimes.
The best instrument on market is low price and there is no better.

[Ahiaba]

Ignore technical analysis of crypto currency trading at your own peril. The impacts of technical analysis cannot be over emphasize as its impact is so much like that of fundamental analysis of the crypto currency market. For you to be a successful crypto currency trader you require a sound knowledge of both technical and fundamental analysis of the market.

[gentlemand]

I think it's a crock of shit myself. Most markets are too thin and too rigged and populated with the too stupid. All it takes is one misinterpreted piece of 'news' for things to explode or crumble.

If anyone can point me to a time stamped set of predictions that's above average in its guesses then I'd like to see it. The only one I'm aware of is Masterluc and his predictions started to fall apart this year.

[Getcoinsite]

Technically analyzation is good for basis but it doesn't necessarily mean this will make us gain,and we must not just rely on this only instead adding research and trust youre instincts cant give another thing.

I myself dont really believe in TA but i much more likely believe in my instincts and luckily it helps me find what i needed to gain

[batang_bitcoin]

The crypto market has been unpredictable so TA's doesn't guarantee the real thing.

But take those informative and interesting TA's with valid facts and analysis, the way the analyst reads and predicts the market base on his opinion.

[palle11]

Technically analyzation is good for basis but it doesn't necessarily mean this will make us gain,and we must not just rely on this only instead adding research and trust youre instincts cant give another thing.

I myself dont really believe in TA but i much more likely believe in my instincts and luckily it helps me find what i needed to gain

Yes friend, I think instinct is part of trade and it helps alot but despite that, TA guides the instinct to make a decision because if the technical analysis don't make you see and understand why the market is made sometimes the way it is.

[developer4z]

I think it's a crock of shit myself. Most markets are too thin and too rigged and populated with the too stupid. All it takes is one misinterpreted piece of 'news' for things to explode or crumble.

If anyone can point me to a time stamped set of predictions that's above average in its guesses then I'd like to see it. The only one I'm aware of is Masterluc and his predictions started to fall apart this year.

I'd like to see that too! News seems to make bigger random movements to make technical analysis seem like a joke in this market.

[electron-coin]

For my opinion technical analysis works fine on crypto currencies! You just need to constantly study and practice it every day. Use only RSI is not enough. It is necessary to use many tools. And as a novice you need to check the information you saw with different tools to make sure of the solution. Later, when you have the experience, you will be able to quickly pick up 2-3 tools to check whether you should buy/sell. In each situation you will use different tools and this is normal. The candle analysis helps a lot. Of course you need to constantly be aware of all the news! Crypto currency is heavily influenced by news. But this is not the only strategy, this is a supplement to technical analysis.
In any case, everyone chooses for himself the strategy. The main thing is that a person would be a successful trader, and in what way he achieves this unimportantly. I wish you to find the right strategy for you!

[developer4z]

For my opinion technical analysis works fine on crypto currencies! You just need to constantly study and practice it every day. Use only RSI is not enough. It is necessary to use many tools. And as a novice you need to check the information you saw with different tools to make sure of the solution. Later, when you have the experience, you will be able to quickly pick up 2-3 tools to check whether you should buy/sell. In each situation you will use different tools and this is normal. The candle analysis helps a lot. Of course you need to constantly be aware of all the news! Crypto currency is heavily influenced by news. But this is not the only strategy, this is a supplement to technical analysis.
In any case, everyone chooses for himself the strategy. The main thing is that a person would be a successful trader, and in what way he achieves this unimportantly. I wish you to find the right strategy for you!

I do use vortex and moving averages along with RSI. There are so many false signals that i gave up and am just holding coins instead of trading. Almost always my stoploss gets hit. I did the backtesting too! It seems just not profitable enough in cryptos.

[developer4z]

1 - TA won't predict the future. No one serious would ever claim that. At very best it could increase your chances of accurate prediction of market behaviour based on the past movements. It's not deemed very effective even for traditional markets.
2 - TA is completely useless for the market that is often being moved by unforeseen events, i.e. China bans BTC, Mt Gox coin dump, large exchange gets hacked etc.
2 - Self-fulfilling prophecy. If some popular analyst(s), with very large following, present their TA, that itself could actually move the market.

Thank you for your insight.

If TA won't predict the future, why everyone emphasizes on it so much? I am thinking we could probably skip all the mumbojumbo indicators and simply buy the coin with good fundamentals everytime it falls 25%+. I think I am even tired of chasing news as well. It sometimes falls when the news/product is announced. Markets are crazy!

[flying_bit]

TA is somehow good in cryptocurrencies but there's a lot to consider including news and other foreseen events.
I just TA for crypto like Eth and BTC but for ico tokens, TA is not that reliable coz ofcourse limited history thus difficult to know the trend.

[enawati]

Technical analysis indeed does not work perpectly, but this analysis is helpfull to know the situation of the market, from TA like price pattern or candlestick pattern we can decide the market on bullish, bearish, reversal or continously follow the trend. I can not trading without analysis the charting and without some indikator. Can be by use combination of TA and news of crypto will more help to predict the price where will to go.

[The Sceptical Chymist]

1 - TA won't predict the future. No one serious would ever claim that.

I disagree with that, because I've heard many people--all very serious and earnest--claim just that, that looking at charts will tell you exactly what's going to happen in the future.  That's basically what TA is. 

Yes, I think TA is bullshit and I've said this many times.  Fortunately a large part of Wall Street has realized this as well and don't employ as many technical analysts as they used to.  Fundamental analysis is the only way to go in the stock market.

In crypto, I would think that "fundamental analysis" in the form of just looking at the news is useless.  Why?  Because everyone else is doing the same thing and using the same strategy, plus news can be inaccurate or downright fake.  You may as well be trading on rumors.  In fact I've also said that there's no such thing as FA in crypto, because there aren't any real fundamentals to analyze like there are with stocks.  All of the metrics like P/E and so forth that you have in the stock market are all missing in crypto.  The only thing crypto has is supply and demand, and the supply is always known, so the only thing to analyze is demand....and how do you predict that accurately?