Why do you watch crypto chart pattern

[Gosgosking]

After their spring plunge and summer rebound, cryptocurrencies like Bitcoin and Ethereum have been in a holding pattern for the past few weeks as investors try to decipher their next big move. Interestingly, these patterns appear to be technical patterns such as pennants and flags, which indicate a high likelihood of important moves ahead once cryptos break out from them.

After reaching a high of roughly $65,000 in April, Bitcoin then tested its $30,000 support level, and has since rebounded to just under $50,000. Bitcoin has been forming a pennant pattern in recent weeks, which indicates that another important move will occur once the cryptocurrency breaks out one way or another. A convincing break to the upside increases the chances of a re-test of the prior highs in April, while a bearish breakdown would increase the chances of a re-test of the $30,000 support level.


https://www.forbes.com/sites/jessecolombo/2021/08/31/why-you-should-watch-these-crypto-chart-patterns/?sh=2b47978de5c5

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[hugeblack]

If we look historically, the pattern is repeated by reaching a top at the end of the four-cycle cycle, after which the price drops to what is closer to the top of the previous cycle, and then the big bubble rises, which lasts for several months. Therefore, the possibility of returning again to 20,000 levels does not seem likely, following this hypothesis.

The levels we have from the price of 40k all the way to 100k dollars in a short period.

[MFahad]

If you are a trader then you will watch the bitcoin chart patterns and trade accordingly.
However if you are not a trader, i don't think trading charts would be of any value to you ?

[irsada]

Because from this pattern we can analyze what will happen, although sometimes the guesses we make are wrong but indirectly the pattern can help many people to make decisions.

[livingfree]

The pattern that seems to happen right now hasn't been seen. It's been several months already since the bull run has started and this may not like to end at the end of the year.

It might continue until the end of next year.

The interesting part is that after the expected plunge that has to be the sign of a bear market, it was overcome easily and as we see, it's $50k again.

[Dhaniii]

As an investor, of course, you have to understand chart patterns, without crypto chart patterns it's like a blind person walking on the street. many investors are misguided and experience high risk due to not understanding crypto chart patterns and difficult to predict market prices. chart patterns are not as long as correct but we can reduce the risk that will occur in the future.

[Twinscoin2017]

Trader always look at the pattern to make a proper plan and to monitor or compair the cycle of the price based on the past and present movement. Looking at the pattern can also give us a clue to our investment specially in some other altcoins, in short pattern can help us on searching about price history and at the same time by looking at the patterns it can help us also decide or point out the good coin to invest or trade.

[Wakate]

Chart pattern is one of the important parts when it comes to Technical analysis. Chart pattern especially when it comes to cryptocurrency is a good tool that is used to analyze the market to get optimum information about the next move of price. Pattern are many which requires good study of them for quick interpretation of market structure and trend analysis.

Chart patterns are important to virsualise Bitcoin trend whether the current one or the future trend. There are patterns that when seen I the market illustrate a possible reversal signal which the probability is not always 100% but with high possibility of going the direction of the sign.

[carlfebz2]

If you are a trader then you will watch the bitcoin chart patterns and trade accordingly.
However if you are not a trader, i don't think trading charts would be of any value to you ?

Wont really be having any value since you dont know on how to read it up on the first place.  . Of course as a trader then seeing or checking charts would be your main routine because this is where you do plot your

analysis and this is where your knowledge and skills would vary even though TA's arent that effective most of the time but this is much better rather than on making out some actions without any basis.

Patterns and possible actions would be made and this is where people do differ in terms of knowledge because they do know on what to do and not just following because of some hunch and pure no basis speculation.

[Scripture]

How can you trade properly if you are not watching the chart pattern and making such analysis will make you more productive so don’t skip this one. Personally, I don’t watch it everyday because I just have to know my entry and exit price, after that I just monitor the price alone and wait for the right timing.

[OgNasty]

There’s really only one chart you should be using to value Bitcoin. Historically speaking, nothing else has come close to predicting Bitcoin’s price movements. If you’re trading based on anything else, you’re probably just gambling on short term volatility and hoping to get lucky.

https://www.lookintobitcoin.com/charts/stock-to-flow-model/

[Yamifoud]

The basis of our analysis comes from what has been shown in the past but never think it all be the same as the volatility of the market haven't changed yet. All the things that have to come still at 50/50, we all just be guessing but with the help of the chart, we have some insights into what might happen but still, we have no assurance. Even if was that the case, this remain helpful to the traders.

[Hippocrypto]

The basis of our analysis comes from what has been shown in the past but never think it all be the same as the volatility of the market haven't changed yet. All the things that have to come still at 50/50, we all just be guessing but with the help of the chart, we have some insights into what might happen but still, we have no assurance. Even if was that the case, this remain helpful to the traders.

We should be careful on every analysis made, because it's only our basis on times of uncertainty. Volatility always made it so hard when sudden drop that caused panic, eventually some coins will tend to have downfalls with an unexpected situation.
To help you cope up with worries, don't monitor too much the real time market movements. Just stick at your projections in order to sustain.

[STT]

To find significance is hopefully the answer, we cant know for sure the direction but at times its best to have a bias.    Right now BTC could be breaking above what was the spring range, being higher then this fully restores us back to near ATH so that is where I expect more interest and excitement to occur probably the price action would become more rapid.
    Imagine like the tempo to cooking popcorn in a tin pan, if you know the process and likely time scale to how it proceeds you will benefit over being surprised all of a sudden; its far easier to trade if understanding we just broke past resistance so thats all I hope for in being better aware of market tempo.

[Fundamentals Of]

Chart patterns are supposed to guide us on what may happen next. It is just a guide on our speculation or prediction. Of course it may or may not happen but it is there to somehow make prediction and speculation easily and provides basis for it.

But the thing is one could come up with so many patterns in a chart. You zoom the chart in and out and you could also make so many patterns out of it every time. At the end of the day, all the possibilities are still open.

[JohnBitCo]

Because from this pattern we can analyze what will happen, although sometimes the guesses we make are wrong but indirectly the pattern can help many people to make decisions.

Charts pattern helps in trading. When i started trading, i used only fundamental analysis which sometimes does not work well.
If you are a day trader or even a swing trader, charts pattern will assist you find the entry and exit points. Also not that no one can become perfect even after having all the charts knowledge. The more experience you have, the better you can read the patterns.

[Woodie]

Whatever happens on the chart turns out to be historical data which can be used in the future for so many purposes,  for example

• charts can be used to predict the move of the market,  that Is whether to anticipate a bullish or bearish market
• charts give us a picture of what's really happeningin the market such as manipulation detection.
• charts allow us to apply price action strategies and allow us to pick the best points to set our take profit targets

[Husires]

When we study Stock-to-Flow Model for previous years we find some suspicious points have already happened:

• The most prominent technical step occurred for the Bitcoin price was by the end of 2020, with old ATH broken at $ 13,000 (psychological summit for the previous cycle)
• The previous cycle ended and a new cycle has not been tested any price lower than 20k old ATH
• There was a rebound in the middle of the cycle at -60% to -20%, which was already happen when the price dropped from 64k to 29k.

if things happened as in the past, we are ready to break the level of $ 100,000 before the end of December to end this cycle by the end of correction of -60%  to -80%

https://www.tradingview.com/chart/BTCUSD/ZORFqD06-Bitcoin-4y-halving-cycles-and-the-S2F-model/

[palle11]

I don't know of a trader that doesn't make the use of chart. It is more important than some indicators, and some traders consider it as a powerful indicator which I think it is too. Charts are simply the technical ways to know and monitor price action and movement, a fundamental analysis trader also will follow charts to speculate the next price level. For a day trader, using the chart is helpful more than a scalper. Using a longer time for chart analysis is result oriented.

[Kong Hey Pakboy]

It's simple, to try and predict what's going to come next because no matter how much we deny that there's no pattern, there's a certain movement that the market always follows.