2/2/2020: Bitcoin at over $32,000. Be careful now, at some point a few smart whales will start taking profits. And the institutions who recently bought and drove the price of bitcoin, for utility rather than investment, do not care that much if bitcoin ends up at $30,000 or $20,000.
Author, coinbucket.me
Author

Bitcoin Chart Patterns, Candlestick Formations & Technical Indicators for Technical Analysis

marubozu
The Marubozu is a long candle.

Chart patterns, candlestick formations, and technical indicators are derivatives of price action.

That begs the question: do chart patterns, candlestick formations, and technical indicators work? Yes, they do. But it’s not tools that build the house, it’s the craftsman or trader. As a trader, then, one better knows and uses chart patterns, candlestick formations, and technical indicators.

swing trading time
Zoom in for noise or detail.

A trader must learn to master the ambiguities in reading price and volume charts.

Looking at charts of different time frames is confounding to beginners. Many new traders get lost in charts of an hourly time frame as in contrast to a daily or even weekly time frame. The hourly or other minute time frames are probably not that suitable for the inexperienced. It is best to start looking at charts from an eagle’s perspective, that is a monthly or weekly time frame, so as to first ascertain the overall situation of the asset.

smart money strategy
Zoom in for noise or detail.

A trader needs to be aware of why and how other traders behave and act. Wykoff’s writings will prime a new trader like nothing else.

Richard Wykoff was an early 20th-century pioneer in the technical approach to studying the stock market. He realized that price trends were driven primarily by institutional and other large operators who manipulate prices in their favor.

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