For all my 5 months in trading, I'm learning only technical analysis but now everyone is talking about the concept of "Smart Money". So I think that trading is changing and speculators should stop trading based on technical analysis. Or smart money just a concept that cannot possibly work in the market,
Technical analysis is a great tool for trading, at least in my case it has helped me a lot over the years and I still use it today. I can understand that some people are skeptical to only use past data to try and identify trends to base their strategies on, but it definitely works. Already by looking at the charts we can see those crypto currencies, like most other asset classes tend to move in cycles. With technical analysis we can identify these cycles and trade accordingly. The problem we have in technical analysis is that there are so many different indicators and it's not that all of them are going to give us the same answer. We need to choose carefully which indicators we are using and when there is conflicting data, we need to make further analysis. There is a lot of noise in the crypto markets and we need to make sure we use actual trading signals and not fall for over or under reactions. Technical analysis is just a tool that gives us indications and not something that will make us rich quickly.
