Technical Analysis for BTC Trading?

[Lirnan]

I'm wondering if Technical Analysis, used to determine advantages for trading Bitcoin trading, is really practical. I own a little over 3 BTC with plans to hold long term. In the meantime, I'm considering using TA to do some short term trading in an effort to reduce my overall cost. Any tips on TA trading from those who are using it now?
https://i.postimg.cc/RZj5Jspm/19-1119-BTC-3-Month-Chart.jpg

[1714944950]

1714944950

[target]

If you are to trade for short terms, 3 month frame isn't the ones that you should look at. You are using yahoo finance, I'm surprise because you're the first I've seen using it. Try the https://www.tradingview.com and pick the daily chart and you'll see its already over sold. I'm just not sure when it will bounce but I'd probably assume 7300 would be a strong support.

[MURONDI]

maybe it would be better if you created a thread in the trade discussion, there are many traders who share experiences, bitcoin has a very fluctuating character so it is very difficult to predict, I usually use the trend type indicator to analyze bitcoin, and it is very practical, when the indicator shows an upward trend, I will buy, and sell when the indicator shows a downward trend.

[hotmom]

Technical analysis cannot predict all the actions of mad people.

[Lirnan]

Thanks to all who offered suggestions. I intend to look at trading simulators and will go the Trading forums on this site.

[pawanjain]

I'm wondering if Technical Analysis, used to determine advantages for trading Bitcoin trading, is really practical. I own a little over 3 BTC with plans to hold long term. In the meantime, I'm considering using TA to do some short term trading in an effort to reduce my overall cost. Any tips on TA trading from those who are using it now?
https://i.postimg.cc/RZj5Jspm/19-1119-BTC-3-Month-Chart.jpg

1. First things first, this thread should be moved to 'Trading Discussion' section
2. This question has been asked over 50 times. Kindly use 'Search' before posting silly questions.

[Lirnan]

Thank you pawanjain for your suggestions. I assure you that if I ever decide to post a silly question I'll use "'Search' before posting".

[franky1]

the links and examples provided are not TECHNICAL analysis. they are TREND analysis

if you are just using trends of history then you are at a loss.. because the only thing they do is herd sheep in one direction to attempt to cause a result

many people can make many different lines on a chart simply by changing the MA for 15, 20.30,60,120
so these guys making reports just show numbers that hit the mark and pretend its what they predicted.

if you want real technical analysis then you can find it via the bitcoin richlist showing how much coin is hoarded in exchanges coldwallets(supply) and also if the market price is near or way above the cost to min bitcoin(demand)

also by knowing the cost vs price you can work out how much hype/speculation is involved in the difference which shows if a price rise is rational or just hype meaning you know if there will be a correction from a hype

try to avoid TREND analysis and try to learn ral TECHNICAL analysis

[btcto200k]

Lots of strategies work for BTC trading. You just gotta figure out the right one.

[YuginKadoya]

Bitcoin is in a strong downtrend right now, and right now the bears are in control at the moment but I don't likely to see the price to hit the $7000 USD I guess that it will just stay in that level, but we should not underestimate the volatility because Bitcoin can fall anytime under the $8000 USD anytime, but I am saying that it can not fall down to $7000 USD because of the strong price that I see in the $8000 USD right now, I would like to see that this dip can have a great impact with the price this coming 2020, because just likely weak hands are falling down in a panic in my opinion because of what is happening.

[Lirnan]

franky1, your comments are very helpful, I'm thankful. As you suggest I will do some research on Technical Analysis. And to all of the other posters, thanks for your comments.

[harizen]

As you suggest I will do some research on Technical Analysis.

Learning these will help you into what would be the appropriate* action on a given timeframe and your supposed strategy isn't just a result of your random thoughts and instincts.

But always keep in mind, that professional analysis even how properly backed it up have always a chance to be spoiled. That's how volatile crypto is. In the end, it all depends on your own hands how will you managed properly all your trading funds along the way.

If you have time reading other people's view about TA's on Crypto, here are some of the related threads created before:

https://bitcointalk.org/index.php?topic=2936402.0
https://bitcointalk.org/index.php?topic=4408236.0
https://bitcointalk.org/index.php?topic=2878211.0

You can now consider locking this thread if you don't have any concerns.

[Lirnan]

Thanks for the links harizen. From some of the reading I've done this morning I've concluded that for a newbie like me, whether trend or tech analysis, trading is not practical at this time. I own 3.065 BTC. My cost is $8,760/BTC. I'm going to have to be content with what I have. At your suggestion I'm locking this thread.