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Author Topic: Chart may help you predict when the next bitcoin rally is coming  (Read 234 times)
Sherwood_Archer
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November 02, 2018, 08:33:25 PM
 #1

https://www.marketwatch.com/story/this-chart-may-help-you-predict-when-the-next-bitcoin-rally-is-coming-2018-11-02
"The chart is the price of bitcoin BTCUSD, +0.29%  with plots that indicate when what is known as bitcoin mining difficulty growth turns negative. This happens when the difficulty — a mathematical target set by the protocol — is higher than the random probability a miner has of solving the complex problems to validate transactions on the blockchain."

How much do you use charts or information like this to predict the bitcoin market?

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November 02, 2018, 09:08:24 PM
 #2

How much do you use charts or information like this to predict the bitcoin market?

I'm sure they are used often, although with varying degrees of success.
Reading chart is a learned skill that grows with experience. Some are more proficient in it than others.
In addition to technical analysis, foundamental analysis is also helpful in predicting the market movements.
It is if course a prediction, and when the next bull run would come may be too specific an information to deduce.

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November 02, 2018, 09:15:00 PM
 #3

I don’t look at them because more often than not they don’t give us an objective assessment of the market and we can’t judge with confidence what to grow or vice versa.
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November 02, 2018, 09:34:25 PM
 #4

I don’t look at them because more often than not they don’t give us an objective assessment of the market and we can’t judge with confidence what to grow or vice versa.

Technical analysis is an assessment of the market you make using available information.
Similar to a scientist or so to who has to make a prognosis based upon facts of a lab test or scan.

You use available tools; charts, market history, trading volume. And you speculate on where you think the market is heading.
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November 02, 2018, 09:42:08 PM
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 #5


How much do you use charts or information like this to predict the bitcoin market?



This market is based on pure speculation. So I'm not sure how much TA could really help us gain and predict when is the next bull run. The dramatic rise last year was never seen based on graph as far as I know. It was clearly the sentiments of investors and FOMO that really push the price to its all-time-high. I'm not saying 100% that TA doesn't work in this market, but most of the time the graph is not enough to see where the price is going is to moved, specially predicting the next break-out run.

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November 02, 2018, 10:10:53 PM
 #6

For me, I regularly observe the price chart of bitcoin. The time to invest in it is when many red candles appear. I guess immediately after the decline in value it will quickly grow back. This is how I make short term profit with bitcoin. Monitor events with respect to bitcoin, which also affects the value of bitcoin.

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November 02, 2018, 10:38:29 PM
 #7

I don’t look at them because more often than not they don’t give us an objective assessment of the market and we can’t judge with confidence what to grow or vice versa.

What can be responsible for what you are witnessing could be the indicators you are using. Maybe be they are lagging indicators, filled with just lines and obey to the direction of the market.

Nope... You need stronger indicators that are not forced by the market but are stable in their points.

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November 03, 2018, 02:47:48 AM
 #8

candle charts or other types of charts are very important for every trading activity, not only to predict the market price of bitcoin. This technical analysis has become one of the main things used for trading foreign exchange, stocks etc. but the best predictions of using a chart do not mean that you can determine the right answer and choice, because there are still many aspects that affect the price of the bitcoin market, such as the issues reported by mainstream media. charts are just a support to convince you to make choices when trading

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November 03, 2018, 03:14:52 AM
 #9

Yes, graphical charts is a very important data for everybody as this is where you can analyze how the market trend is going. Definitely, for people who had been in cryptocurrency for a longer time would rather prefer to make use in their consideration in using the charts for their reference in their analysis. Charts is a very important data to know the market trend movements where it would be heading next.
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November 03, 2018, 03:28:00 AM
 #10

Charts can have a small factor in determining the movement of cryptocurrencies but we should not be solely dependent on chart for our technical analysis. It is still pure speculation like sometimes the graph will suddenly fall when you thought it would continuously rise. You should always bear in mind that the market is always hard to predict.

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November 03, 2018, 03:41:11 AM
 #11

I'm sure that all traders usually track and analyze charts when they are trading.  In technical, chart can show price trend, but it is not always right. Bitcoin price is affected by many factors, to be good at trading, you should be good at chart analyze,  tracking market news, and trading psychology.
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November 03, 2018, 04:53:09 AM
 #12

charts can help with that but this chart can not!

first of all if you want to discuss a chart then post it here instead of posting a click bait to redirect traffic to that website Wink

secondly it is the same mistaken speculation that bitcoin price is tightly connected with mining and the difficulty. that is wrong. there is obviously a connection but it doesn't work like that at all. there is no reason for the price to go up or not to fall down in order to match the difficulty! in fact difficulty should be changed in order to match the price not the other way around. and difficulty is changed based on how many miners leave or join in and that is done based on price and profitability.

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November 03, 2018, 04:44:24 PM
 #13

https://www.marketwatch.com/story/this-chart-may-help-you-predict-when-the-next-bitcoin-rally-is-coming-2018-11-02
"The chart is the price of bitcoin BTCUSD, +0.29%  with plots that indicate when what is known as bitcoin mining difficulty growth turns negative. This happens when the difficulty — a mathematical target set by the protocol — is higher than the random probability a miner has of solving the complex problems to validate transactions on the blockchain."

How much do you use charts or information like this to predict the bitcoin market?
Charts can help you out in shorter terms but in the longer term charts are totally useless. There is no merit in trading with charts for long term because what could change in the crypto world is always sudden and unexpected. You can definitely try to do day trading with charts and unless something big happens you will make money with it and I really admire people who can read charts probably and use the indicators to tell them what will happen.

Some people read the charts like their own native language and see where the price is going but to me it is a foreign language and when I see it I have no idea what it says. However if a big sudden unexpected thing happens than it affects the long term trajectory of bitcoin and crypto plus changes everything on that day as well.
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November 08, 2018, 05:12:12 AM
 #14

https://www.marketwatch.com/story/this-chart-may-help-you-predict-when-the-next-bitcoin-rally-is-coming-2018-11-02
"The chart is the price of bitcoin BTCUSD, +0.29%  with plots that indicate when what is known as bitcoin mining difficulty growth turns negative. This happens when the difficulty — a mathematical target set by the protocol — is higher than the random probability a miner has of solving the complex problems to validate transactions on the blockchain."

How much do you use charts or information like this to predict the bitcoin market?



As I use bitcoinwisdom and tradingview to predict the bitcoin price, I think it will help us to at least know where the bitcoin price wants to go. But I don't know about that site because I haven't used it before. Besides the chart, I always check the trend and the price first before I take a look at the buy and sell order. And if I see that I can get something from the market, then I will try to enter the market and make a decision. We need to learn about how to understand the chart because we can see the opportunity that we can get from the movement of the bitcoin price.



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November 08, 2018, 07:35:35 AM
 #15

These charts based on mining difficulty would be a useful tool for day traders looking to make small gains on a regular basis. For major price swings it is netter to follow the fomo factor with bitcoin news

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November 08, 2018, 01:42:06 PM
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That is why we need the understanding of candlesticks formation as this is the major ways you can know when the bull or bear run is about to begin.  I do used the break of head and shoulders to interpret when bullish trend commence. If you can spend time in learning how to interpret candlesticks pattern and you will have gold in your hand.

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November 08, 2018, 02:22:26 PM
 #17

https://www.marketwatch.com/story/this-chart-may-help-you-predict-when-the-next-bitcoin-rally-is-coming-2018-11-02
"The chart is the price of bitcoin BTCUSD, +0.29%  with plots that indicate when what is known as bitcoin mining difficulty growth turns negative. This happens when the difficulty — a mathematical target set by the protocol — is higher than the random probability a miner has of solving the complex problems to validate transactions on the blockchain."

How much do you use charts or information like this to predict the bitcoin market?
Charts can help you out in shorter terms but in the longer term charts are totally useless. There is no merit in trading with charts for long term because what could change in the crypto world is always sudden and unexpected. You can definitely try to do day trading with charts and unless something big happens you will make money with it and I really admire people who can read charts probably and use the indicators to tell them what will happen.

Some people read the charts like their own native language and see where the price is going but to me it is a foreign language and when I see it I have no idea what it says. However if a big sudden unexpected thing happens than it affects the long term trajectory of bitcoin and crypto plus changes everything on that day as well.

I actually believe that the opposite is true! looking at charts in long term helps you predict bitcoin price a lot easier than looking at them in short term and trying to predict the short term movement because in short term it is impossible to predict bitcoin. for instance you can not say if price is going to rise in 1 day from now or 1 month from now or... but looking at long term you can clearly see that the pattern is shaping in a way that bitcoin is getting ready for the rise so being above $10k in at most 6 months is predictable.

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jseverson
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November 08, 2018, 02:44:17 PM
 #18

These charts based on mining difficulty would be a useful tool for day traders looking to make small gains on a regular basis. For major price swings it is netter to follow the fomo factor with bitcoin news

Why day traders though? Assuming the article's premise is even correct, bottoms can be predicted by a sustained trend of sustained negative difficulty growth. They would need to observe for a long period, so they can't exactly earn regularly.

Either way though, correlation doesn't imply causation. There is a trend but it's exceedingly likely that it's just a coincidence, considering the fact that mining difficulty doesn't directly affect prices. I personally wouldn't rely on this.

BrewMaster
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November 08, 2018, 03:16:16 PM
 #19

using charts is good and it works fine but as long as you are not expecting miracles out of them! and more importantly is that if you are actually using them correctly.
for example in this case you are using the price chart with difficulty chart. and there is no relationship between them in the way you think there is. the price doesn't rise based on difficulty. the difficulty rises based on  the price.
and you can clearly see this on the charts. if you end up using what you described here, you will be left out of the rise because you expect it to happen based on difficulty but as you clearly see on that chart price went up first and a lot without  difficulty changing at all for a while.

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November 08, 2018, 03:36:58 PM
 #20

Yes, OP is right. Through the chart, we can help to predict the market price movement for possible happen. We have a reference to look out if that price will possibly happen again, just like what happened every last month of the year, bitcoin will probably rising up in that time as what we have seen in the previous chart price. Through this superstitious belief, we have a strong motivation to still hold our coins until at the end of the year.

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