Novice trader analysis advice

[Houdini76]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

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[1715334785]

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[1715334785]

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[1715334785]

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[exstasie]

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

Here's a decent breakdown of basic TA strategies for beginners, applied to crypto: https://medium.com/@coinloop/the-4-steps-to-conquering-technical-analysis-beginners-guide-b4c90340a4b8

Babypips also has a pretty decent set of tutorials on how to approach TA. Just skip the stuff about forex and fundamentals: https://www.babypips.com/learn

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice  

My main priority when trading altcoins is to accumulate bitcoins, so I usually only hold them during confirmed altcoin bull markets where BTC pairs are consistently gaining. ETHBTC is showing initial signs of strength but it's too early to tell if it'll begin a bullish trend yet.

[lovesybitz]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

As a newbie/novice it will be hard for you to get to understand the analysis about in crypto trading mate.
But here is anyhow the link explaining about the flow movement of the bitcoin price in the market
https://www.youtube.com/watch?v=PwUWzF3oXcU I hope this will give you a bit help.

[Ailmand]

As for me, it would be hard for a beginner to focus on technical analysis. Try to do trading the simple and basic way of trading first before you apply any kind of analysis. Trying to trade with analysis might just confuse you in the beginning. Either Bitcoin and Ethereum is good for both short and long term investment.

[Awesomus Maximus]

First you have to know that trading is not the same thing like investing. Many newbies think that trading is something like investing. In short, trading is actively engaging in buying and selling, day after day, week after week. Investing is buying and holding for a longer time.

What would be the most appropriate type of analysis for a newbie?

There are two schools> the first uses indicators, the second price action. Start with indicators because it is simpler than price action.

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

If you are gonna be a trader, you should treat all assets the same. It doesn't matter what you trade if you make money.

[Genemind]

There are things that you have to consider upon trading.
It wouldn't be effective or you couldn't even trade perfectly by using technical analysis. Try to do trading the simple and basic way so you could learn first without too much complications.
As a beginner, investing in bitcoin or Ethereum is still a good choice. I have also started with these two because they're well stablished and has passed all the tests of time.

[xvids]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

Before you try it on a real trading site I suggest that you try out your trading skills in a simulator.
There are already great tips in this forum like this thread and try to read some tips on this thread too,
Just read some of the threads in this forum and you would find some useful tips to trade .
Learn from it first and apply or try it on trading simulator to see if the strategy works for you.

[hugeblack]

Golden advice, do not buy after crazy heights, may get corrected at any time.

There is no such thing as a better trading style for the beginner. There is always time to make profits when the price rises or even falls.
You have to know the factors that lead to it. It is not complicated. You need to spemd more time to learn.

Personally, I do not advise you to invest in ETH at the moment, perhaps after the next correction.

[Beerwizzard]

Another golden advice is not to trade crypto at all lol. But if you want to get the understanding of what is happening right now then Babypips is definetely a good thing for you.
You should never start from trading on live account. Considering that you have already bought your coins then you should just HODL  while you are learning everything on demo acc. That may take months.
Also you should remember that trading is risky and holding a cryptocurrency is also risky. By trading cryptocurrencies you are just multiplying your risks so if you are completely new to this then at least don't start trading right now and better move to more stable markets.

[davis196]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

Use Tradingview.Get some good trading signals sources(google "trading signals").
Do you plan to learn day trading or you want to just buy and HODL some btc and eth?
If you really want to learn and practice crypto trading,then your second question is stupid.

[befriendmywater]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

I think you should not buy BTC as well as ETH. You are still new and technical analysis theories will distract you. I think you should invest in LTC. Another 3 months Litecoin Halving will take place and you will definitely see its price increase to $ 150 or even $ 200 if the MLM phenomenon reappears.

[Gozie51]

Analysing chat is just as simple as having your strategy and being able to study it and convince your self or get convinced that this is the direction of the next move. If you don't have a trading plan, then what will you analyze.... Your plan is the analysis.

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Etheruem is a good altcoin to invest for me, if you want to add more investment in etheruem, is not a bad move.

[YodaYoda]

In addition to some of the advice given, beyond technical analysis, you have to remeber that crypto is largely sentiment driven. Good articles, news will pump the price, while negative news will dump the price, more so than the technical analysis will lend itself to.

So, if you want to be a 'day trader' then listen to the drums. That is what will give you a leg up. 

As for technical analysis, trend lines have worked the best for me, other than the news, of course.  Right now, we are in an accumulation phase, a wedge pattern.   BTC floats around 7960, with movements up and down, and ETH, looks a bit perkier, so I am thinking we will see ETH 300 before BTC 9000.  I believe the uptrend will continue, as the news are quite good, however, remember that the summer months normally are middling, smaller volumes, less fiat coming in, so the summer months I consider not optimal for trading a long position on an uptick, as the smaller volumes can make shorters have good time by doing dumps.

So, keep in mind that the markets are quite shallow, lack of liquidity, so market manipulators can move prices quite a bit for short time frames at least. So avoid doing futures with large leverages, as that will be no better than gambling.
 

[palle11]

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

No particular advise for a newbie that is different from old trader. You have done a good investment by buying bitcoin (at least not a shit coin  ). So hodl it to a time you want to sell if you are lucky, it might be at a high price. Why I said so is that I don't believe someone knows exactly when price will drop in cryptocurrency but your experience will grow with the time.

[omonuyak]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

Maybe you should try and test the market with what you have now and see if you can make profits by keeping the $200 in your wallet and see what that turns to in some months or years to come. If you learn the secrets of hold and develop patience for that, then think on how to day trade using "candlestick trading patterns".

[b3llsf1l3s]

I suggest before for trading, you have to really be patient and always be able to do asset management, these two things are very important, it's useless if you can do analysis but can't do asset management to avoid undesirable things during trading

[Mahanton]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

Since you are just staring up then the best thing to do now is to observe the most commonly used analysis on this forum.Try to read up this board alone and you will find
various lots of trading related things which would help you out on getting the knowledge and ideas about trading.Its already being mentioned above but i would like
for you to visit out babypips.com for the most basic things about trading.

[harizen]

....understand how to read and analysis charts. What would be the most appropriate type of analysis for a

For you to understand how to read charts, you need to learn first some of the trading chart tools e.g indicators. This will take time and needs lots of readings. You can refer to some trading chart indicators definitions available on the web.

What would be the most appropriate type of analysis for a newbie?

What do you mean here?

In general, there is no such thing as "appropriate type". You are the one who will make your own analysis so better have some study first.

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

You have to decide here and not us. Lots of advice will just lead to confusion.

Ok, let's put it this way, stay focus and be serious. Making trading analysis is not a joke and can't be learned overnight so don't rush.

[jems]

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

No particular advise for a newbie that is different from old trader. You have done a good investment by buying bitcoin (at least not a shit coin  ). So hodl it to a time you want to sell if you are lucky, it might be at a high price. Why I said so is that I don't believe someone knows exactly when price will drop in cryptocurrency but your experience will grow with the time.

I agree with you, that if we trade more often, our knowledge will also be very fast to grow. One thing I got from my teacher is that success will come after we have enough experience.

[Slow death]

Hi

I have recently purchased £200 of bitcoin and want to understand how to read and analysis charts. What would be the most appropriate type of analysis for a newbie?

I am also looking to invest a further £50 in ethereum or should I stick to bitcoin ?

Thanks in advance for you advice 

My advice:

use your money to buy bitcoin and hold for 2 years. If you want to do day trade then take 6 months to learn all about trade, but do not use your little money to practice, just focus on those 6 months to absorb trade knowledge. after you've had enough knowledge you can start doing day trade, but get another money to do daytrade. Never stay only in daytrade, always do day trade and hold in the long run.