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The elements of technical analysis (cryptocurrency trading)

A lot of traders are quite critical of using technical analysis for cryptocurrency trading . Admittedly, there is a reason to this. But other proficient traders guess that such analysis stays as a substantial instrument for the work with this peculiar instrument. It fits for divers funds markets. But owing to low liquidity on cryptocurrency markets, applying of it has individual peculiarities.

Technical analysis could be valuable peculiarly for Bitcoin, by reason of active flow of tidings and high volatility on it. Groups of the biggest price’s max and min on the schedule underline the market’s tune. Modifications of worth on the digital currency market could be very severe. Currently, Bitcoin’s course strongly depends on the headlines in the leading media. The traders frequently accept solutions solely according to tidings. Consequently, the “technical” trader has the capacity to reply more balanced, regardless of others views.

Modes of technical analysis

Modes are divided into quite specific variations:
• Backing and resist levels and lines
• Technical Indicators
• Figures (patterns) on wide areas of the diagram
• “Candlestick analysis” – patterns on Japanese candles or bars overshort distances
• Trade Statistics – capacity, glasses, etc.

Ordinarily, proficient traders mix divers methods and await their mutual confirmation – such cooperative mark could be reviewed more veracious for deals.

Lines (levels) of backing and resist

trade_levels

Worth always transforms, building a graph. There are peaks and dips that draught max and min on it. If you pencil a diapason on the serial number of max or min, it will be the resist or the backing line. These meanings of quotations, on which cryptocurrency course feels an essential block, after it eventual a slew is. The horizontal lines are denominated as drades.

Lasting backing grades originate in spots where a considerable sum of orders for buying are. Also with the grade of resist, as is defined by the availabilityof a nomenclature of selling orders. One of the basic definitions that merchants face with – the trend and trending of price motion. The trend – a channel, made of overlapping resist / backing lines.

The route of trending motion is designated by the tilt of a line. If their route is upwards, the trend is denominated as the upward. It denotes that commerce is carried out with a dominance of purchases. For the downward trend, it is contra. The lateral(or flat) trend – is a motion, as lines of resist / backing are arranged horizontally, and there is roughly equitability of sales and purchases

Key figures of technical analysis

The most readily available patterns for applying – elementary figures of technical reseach. They are grounted on readily identified regularities of cryptocurrency quotations movement.

A figure – a certain characteristic drawing that depicts a modification of worth of a crypto-instrument that traders notice on the schema.

Head and shoulders

голова и плечи

The reversal figure “head and shoulders” is spread next a long-lasting trend. It is 3 consecutive peaks, the medium (head) – the uttermost, the other 2 on each piece of the peak (shoulders) – lower, circa equal.

How to operate according to this layout. The guidance is applied to an inverted model too, the distinction – in lieu of the max, min is generated in a result, a mark is acted to buy not to sell.

1. Specification of the trend

There is obligatoriness to set the development of the ascensive, bullish trend. The severe uprise trend should be preceded to this graphic mode.

2. The left “shoulder”

Further expect for the left “shoulder”- a next max with the subsequent correction. Moreover, the lower item of the correction is not generally below the present trendline.

3. “Head”

It is like a strong price impetus in the route of the actual trend. It puts a new max, notwithstanding the worth rolls back to the very scale where the impetus was initiated, cracks the actual trend line.

4. The right “shoulder”

Albeit the Bulls’ capacity is sufficiently, they enter and push a price up. The absent of acquirers capacity leads to the fact that the worth can not get a next max, rolls back, building the dexter shoulder. It is presumed that the dexter and the nearside “shoulders” are symmetric, but this happens not always.

5. “Neckline’s” break

After the worth has rolled back, unable to deliver a new max, it converges to the “neck” line, which is passed upon the min of the nearside”shoulder” and “head”. “Neck” may have an uprise tilt, a horizontal stand or a descending tilt – rely on the ratio of bulls and bears forces. The classic sign to merchandize occurs as the price commits a gap of the “neck” line downward.

6. Target profit

Out of this commerce stand, it is commended after the price has overcome an interval like the interval from the max of “head” to “neck”. But this is only a rough target, elaboration of it should be performed with the apply of other instruments, as backing/ resist lines, Fibonacci proportion and moving averages.

Dual bottom or dual top

двойное дно

A dual bottom – occurs after the down trend, respectively the dual top after rising. The figure “dual bottom” is very resembling on the “dual top”. Their merely distinction that as it is a reflection of each other.

The classic dual bottom presages even a moderate modification of a trend’s route. The main worth motion, as verifies by the dual bottom, is considered the decussation of resist lines from down up.

Rectangle

The rectangle – a break, as the sum of acquirers and marketers are equable. The characteristics of the rectangle – straight lines of backing and resist. Backing and resist are 2 horizontal pieces of the fictitious rectangle. Vertical pieces of the it are absolutely random.

The rectangle indicates the battle between acquirers and marketers. The figure works out as the price intersects one of the horizontal pieces of the rectangle.

Flags and pennon

флаг или вымп
The flag and the pennon reverberate a succinct stage of consolidation. The organization of such forms should be preceded a sharp change in prices. The figure of consolidation is confined bybacking and resist lines that are overlapping or a bit converging, building a figure resembling the flag, tilted, usually in the contrary route of the trend, or horizontally placed. Following the rupture, the price motion should iterate leastwise the distance traveled before the formation of the figure.

More sophisticated schemes with graphic patterns, as Elliott’s waves, could be applied in cryptocurrency commerce too.