RE: Steemit Crypto Academy Contest / S4W1 - Crypto Market Technical Analysis by @drqamu.
Technical analysts have thoroughly studied charts over years and come up with chart patterns,
Yeah very true, technical analysis should be done several times on past market before trading current trend with your strategy. We should always backrest our strategy before using it in our trading.
Similarly, the volume of an asset represents the number of shares or tokens traded over a particular time frame.
Volume plays important role in strength of the market. As you said, increased in price with increasing volume is a strong buying momentum and decreased price with increasing volume is a strong sell momentum.
As for my favorite indicator is concerned, I would say RSI (Relative Strength Index) indicator
RSI is a very simple and understandable indicator that spot signals like oversold and overbought for trend reversal. I do mostly use RSI with MA and kumo cloud, but my favorite is the Ichimoku cloud.
Please find time to visit my post as well. Good luck!!
That's true . In real market with real money, psychology has a great role to play .
Thanks for your valuable interaction .
You’re welcome