Technical analysis in the crypto market does not work at all.
I'll try to explain why)
Technical analysis is an attempt to predict future prices based on history.
In the stock market, with grief in half, these stripes that they try to draw on the chart work for the reason that the stock market is more than a dozen years old and over these years it has experienced crashes and ups and black swans and wars and everything else, because of this there is an approximate understanding how and at what point the market will react to a certain event, and it is unlikely that you will pump a couple of millions for example oil 😂😂
Now about the crypto market!
Technical analysis does not work on it at all, since 1) the market is very few years old and there is no need to talk about any history 2) the crypto market is very manipulative, every more or less successful millionaire can choose a coin with a small capitalization and, at will, or pump it up artificially with a large one with a purchase or dump with a drain, depending on what his plans are and how he wants to take advantage of the situation, I’m already silent about such unique people as Elon Musk, who with a post on Twitter can affect the price of Bitcoin (I won’t even talk about Dogi Coin, and so everything is clear)
And imagine a situation: you are sitting so smart after all the courses for which you paid money and drawing your stripes, triangles and other crap that you calm yourself down and at that moment the uncle and grandma decided that the coin should be lowered in price so that he could in the future buy it back, and all your stripes and pyramids collapse and you merge, there is also a positive scenario when you are lucky and the stars align in such a way that someone’s manipulation works for your benefit, you are happy that what you drew there has come to life, but this is not a merit technical analysis is a simple farce.
In the crypto market, fundamental analysis, monitoring Fed reports, tracking the price at which funds purchased a particular coin, and many other factors are more important)
But the most important factor in this market is the manipulator; his task is to deceive the crowd with news, negative background and other tricks so that at the right moment either force the hamsters to lose money or stuff them in the cheeks with highs)
When you make a decision to buy a coin, ask yourself whether this is your decision or whether people are just shouting “that’s the moon” or vice versa, when you decide to lose a coin, ask yourself whether this is really a scam or they just want to convince you of it. 🦾