Is Technical analysis a must know in crypto trading?

[Iloveegusi]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

[1715121142]

1715121142

[1715121142]

1715121142

[CryptoGodSon]

No Technical Analysis its not the most important thing in crypto space.

Try to read chart in 1hour chart on TradingView and learn about candlesticks, then if u think ur good at it try to combine it with Ema 200 and RSI index and Stochastic RSI.
Try to guess whats price its gonna be after 4hours.


Trading it's hard and u need to learn lot of things, but if u master that thing you can take lot of money from it.

[Iloveegusi]

Can I learn myself or is important I about them from a professional?

[CryptoGodSon]

Do your own research
Don't think somebody will teach you everything
And don't buy any shitty courses for money.
Everything is on books .... I mean internet 

[SquirrelJulietGarden]

P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

Technical analysis in trading is not related to understanding about Bitcoin technology. It relates to apply technical indicators in trading to Bitcoin price movement, volume to predict its future movement to support your trading plan and decision.

However, personally I feel only technical analysis is not enough for your trading. You must learn about fundamental analysis too. Because without good fundamentals, you will put your money at risk. If an asset has good fundamentals, even if your technical analysis is wrong, you can hold it (like Bitcoin) and still have chance to get profit  by holding your bitcoin long enough to cover your mistake in technical analysis.

[jeraldskie11]

Many traders just do not employ technical analysis. Some are profitable despite using fundamental analysis. So if you trade with either of them, you can still make money. To make money, you don't need to know how to evaluate the market technically. However, combining fundamental and technical research increases the likelihood of making a large profit.

Can I learn myself or is important I about them from a professional?

"Do your own research" is essential in trading so that you don't blame others for what happens to your money. However, you can learn more readily if you learn from professional traders while independently researching what they teach.

[CryptoGodSon]

I fully agree with this
Price it’s not the case here
Fundamentals are more important than price and economic events are really important.

[bittraffic]

Reading charts is not learned from school AFAIK. People only learned it when they have the interest to learn about it or just have the motivation to make money.

There were success stories posted on the forum, particularly on the Forex forum where they were just following the free trading systems shared by some users. Eventually, they learned more about the indicators and how to use them to speculate the market.

[TravelMug]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

I don't think that it's a must know, but at least you should have a grasp of TA for starters.

And that's why there are holders in the bitcoin market, those individuals who doesn't want to complicate things on their end. Just going to buy thru DCA or whatever they can, and then HODL for it and then they sell during the bull run to take profits.

While on the other hands, there are individuals who actively trade in this market, and those are people who are into this technical analysis side.

[Don Pedro Dinero]

Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

Technical analysis is not necessary if you invest on fundamentals, that is, instead of betting on whether the price is going to go up or down, what you do is inform yourself about what you are going to buy, in this case bitcoin, and when you realise that it has a great future, you buy it for a long time. Then, in TA you don't need it at all. Add to that the fact that more than 95% of traders, no matter how much TA they know, lose money.

If it's for entertainment, fine, but if you expect to make money with it, you have to know that the odds are very low.

[Edwardard]

Reading charts is not learned from school AFAIK. People only learned it when they have the interest to learn about it or just have the motivation to make money.

Totally agreed. I've seen many ppl wanting to trade and make money because they are seeing others do it, but got no interest in TA or whatsoever. The urge to learn must come from the inside.

Technical analysis is not necessary if you invest on fundamentals

AFAIK, technicals are equally important like fundamentals. We cant succeed by knowing about one but not the other. Atleast we need some basic knowledge of technicals like breakout/down patterns and candlesticks to make things easier to judge.

[kamvreto]

Technical analysis is like a road sign for you, if you don't have a road sign when you cross a new path, then you will be lost. Relying on a gut feeling is ridiculous in trading, no gut feeling can predict it will go up or down, unless you are betting. Technical analysis is basic knowledge that absolutely must be known by anyone who wants to be involved in the world of trading, without analysis you will not be able to do it. it is easier to lose your money if you ignore technical analysis. If you have a bad analysis, you need to continue to learn and understand gradually, trade and you will gain experience and learning over time.

[Iranus]

Can I learn myself or is important I about them from a professional?

There is a lot of material you can find on the internet, everything about bitcoin, about the market, so you can become an investor, a trader. You can learn everything by yourself. You can also learn from experienced people, which will help you learn faster, but beware of online experts, as most are scams.

The cryptocurrency market is like any other industry, to make a profit requires knowledge, and that is the only way for you to succeed. If possible, you should learn them all, technical analysis, fundamental analysis...all of them will benefit you in any case.

[Lamkuthang]

Welcome to the forum. I think technical analysis can be a useful tool for traders to make decisions, but it's not necessarily a must-know for crypto trading. True, it can help you understand market trends and identify potential buying or selling opportunities, but I think ultimately your psychology at work is your gut feeling at work and personal experience plays a large part in your decision making. It's always good to have a thorough approach to trading and be open to learning new things. So, don't worry about breaking any rules and keep exploring the crypto market!

[Oshosondy]

P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

You know how to read chart? That means you are a forex, commodity or stock trade. Those deals with price of something. Crypto also deals with price of something which are cryptocurrencies. If you use chart for those, you will also use chart for crypto analyses. But I will advice you not to go beyond bitcoin for now. Learn bitcoin price history and use the charts and indicators reading of forex for bitcoin technical analysis too. Fundamental and sentiment is also in crypto. Take note of that.

However, personally I feel only technical analysis is not enough for your trading. You must learn about fundamental analysis too. Because without good fundamentals, you will put your money at risk. If an asset has good fundamentals, even if your technical analysis is wrong, you can hold it (like Bitcoin) and still have chance to get profit  by holding your bitcoin long enough to cover your mistake in technical analysis.

Fundamental analysis is very important, but it is not about people learning it like technical analysis, it is more about reading news, known how CPI and interest rate can affect the price of bitcoin and crypto in short term, relating exchange inflow and outflow of a coin on exchanges to possible price drop or increase, and also knowing if miners and investors are accumulating or not etc.

Welcome to the forum. I think technical analysis can be a useful tool for traders to make decisions, but it's not necessarily a must-know for crypto trading.

A trader that do not know technical analysis is like a car that is travelling that has not break and accelerator.

[Latviand]

Not important or a must know but it can help you a lot since TA helps you to understand and recognize patterns in the market which can help you make an informed decision on what's the next step in your trading. You can't rely too much on it though as it's not really a foolproof tactic when trading, remember that crypto market is a volatile market and you can't really underestimate that volatility because it will catch you off-guard. All in all, it's up to the individual if they want to learn how to do TA or not.

[gunhell16]

Hello everyone am new here, more like a trader that got by with a bit of knowledge through personal experience (success and failure's) since 2020 but got introduced to this forum by a friend,pointing out that I can find information's and be able to communicate with other enthusiast in the crypto market. I look forward to my experience here.
P.S I have really poor knowledge on bitcoin technicalities, am more of the chart reading and gut feeling type. so I hope am not breaking any of the rules posting here.
Was really curious to understand if technical analysis is vital or just a means to reduce risk. Thanks in advance

The study of trading here in cryptocurrency is not easy to understand, and the application of technical analysis is also not so easy to understand. It takes time, time, and dedication for you to do well as an individual trader in this industry.

I've been studying it for several years now because I still don't understand a lot of it, but despite what I'm doing, somehow I'm still experiencing profit weekly in trading.

[Iloveegusi]

Thank you...... So can you please recommend any means or method I can go about it since someone just highlighted that some are scams

Technical analysis is like a road sign for you, if you don't have a road sign when you cross a new path, then you will be lost. Relying on a gut feeling is ridiculous in trading, no gut feeling can predict it will go up or down, unless you are betting. Technical analysis is basic knowledge that absolutely must be known by anyone who wants to be involved in the world of trading, without analysis you will not be able to do it. it is easier to lose your money if you ignore technical analysis. If you have a bad analysis, you need to continue to learn and understand gradually, trade and you will gain experience and learning over time.

[kotajikikox]

there are several people that I know who is successful in trading that does not using TA in which  I believe is optional as long as you knew to read and understand what is the project you are investing .
because if you are putting money in Great project then the chance of losing is very tin, you may not earn instantly but in the long run? surely there is a positive thing to happen.

[wxa7115]

Can I learn myself or is important I about them from a professional?

There is a lot of material you can find on the internet, everything about bitcoin, about the market, so you can become an investor, a trader. You can learn everything by yourself. You can also learn from experienced people, which will help you learn faster, but beware of online experts, as most are scams.

The cryptocurrency market is like any other industry, to make a profit requires knowledge, and that is the only way for you to succeed. If possible, you should learn them all, technical analysis, fundamental analysis...all of them will benefit you in any case.

It is important to be careful with the sources we select to learn from, there are many people which call themselves experts and yet they have not earned a single dollar out of trading during their entire lives.

If I was the OP I will try to focus to learn the basics on some websites with renown among traders and investors, and then learn more specific knowledge from books, as no only those books explain more in detail every single aspect of becoming a trader, but they are more realistic about the money which can be made out of the markets.