RE: Steemit Crypto Academy Contest Season 4 Week 1 - Crypto Market Technical Analysis
Technical analysis focuses on price data history to build the basis of its prediction, looking at previous trends, demand, supply zones, etc.
You are absolutely right . Besides above mentioned points , we can look for some chart patterns formed in past and expected to repeat in future and behave in a similar manner as that of past . Basically represent the psychology of the traders and actions taken on the basis of that and we expect humans to behave in a similar manner on different occasions based on their psychology.
Hence it's advised to always have multiple layers of confirmation before executing a trade idea.
That's absolutely true and wise advice .
This could be disastrous for traders as fundamental data tends to push prices hard.
Yes fundamnetal analysis is very important especially for long term traders.
Good luck
Indeed. A harmony between technical and fundamental analysis is important in trading.