Answer to question 1:

Price forecasting is using the necessary analysis which includes technical, fundamental, and sentimental analysis to foresee the future price direction of an asset.

Traders in the crypto market would want to know the direction an asset would take whether it will increase in value or decrease. That's where price forecasting comes in. Using the various methods already mentioned above, one can predict the pattern of a crypto asset.

Answer to question 2:

Going into a trade without forecasting is likened to crossing an expressway without checking for incoming vehicles.

What happens when a child crosses the road without properly checking for an oncoming vehicle? There is an 85% probability that the child will be knocked down.

The same thing happens to a trader that enters a trade without being equipped. An equipped trader trades with confidence and the probability of winning is always greater than one.

As we have discussed price forecasting is foreseeing the future direction of the price of an asset. Forecasting is important because it gives you an idea, clue of what the market is dancing to and arms you with decisions to take to stand out profitable from the trade.

Answer to question 3:

The price of assets is forecasted using three methods namely.
Technical Analysis
Fundamental Analysis
Sentimental Analysis

✓ Technical Analysis is the use of charts and graphs to review the behavior of an asset in the past believing that the same pattern will re-occur.

✓Fundamental Analysis is the determination of the price of an asset using what could cause the effect of price fluctuations. Once this cause is researched, the effects are forecasted.

✓ Sentimental Analysis is like observing the nature of an ocean, whether it is turbulent or neutral. Here the trader looks at the nature of the market if it’s neutral, calm, or turbulent via news, media, and discussions.

The best of these three I think is the Technical Analysis. Though others shouldn’t be ignored when forecasting the price of an asset. It’s always better to strike a balance between these three methods to have a successful trade.

Markets have certain behaviors and patterns. The best way to predict the price of an asset is to research the traits of that particular asset.

That’s where technical analysis suits best for forecasting the market because it predicts better how the market will behave based on past behaviors of the market.

Since it's SCIENCE BASED and more than one person using scientific means would arrive at the same answer, I therefore feel it's best.

Answer to question 4:

From the BTC/USDT pair, we can see that it has two resistances at 2021-03-13 at the price of $61,316.99 and the second resistance at 2021-04-15 at the price of $63,336.62.

It also had supports thrice, the first support at 2021-03-07 at the price of $50,581.08, the second support at 2021-03-25, and the third at 2021-04-23. Then a breakout at $47,923.67.

Using the three supports, and two resistance, we can predict that the price will move in the upward direction to an approximate price close to the support resistance of $60,000.00 again in the month of May.

Thanks @stream4u for this amazing lecture.

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