Technical Analysis of Cryptocurrencies (...

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As of Jul 23, 2021, Bitcoin (BTCUSD) has just bounced off from just above the June low, reclaiming the psychologically key 30k whole figure level. If the June low is breached, will BTCUSD retest and break below the 61.8% Fib retrace of the incredible rally from the March 2020 low to the record high in April? The key question is whether BTCUSD’s bubble burst is complete, or whether more downside awaits in coming months. What does technical analysis suggest for BTCUSD’s ability to regain the April high before year end? What’s the significance of BTCUSD’s correlation (on a weekly chart) with the S&P500 near the most negative level since December 2019?

To help understand crypto market movements, Tradable Patterns launched its first book Technical Analysis of Cryptocurrencies in February 2018. This book provides the foundation for understanding technical analysis, and for being able to follow Tradable Patterns’ 4 newsletters: Today’s Top 3 Trades, Equities & ETFs, Coffee Daily and Crypto Weekly Outlook. Crypto Weekly Outlook covers crypto industry fundamentals and technicals/fundamentals updated each Sunday on Bitcoin, Ethereum and Ripple.

Given the sheer volatility in crypto markets, being able to improve the timing of trade entry/exit through technical analysis is paramount. By understanding that price action, whether in cryptocurrencies or traditional asset classes like stock, bonds and commodities, reflects human psychology and all known information (whether publicly or privately available), traders can begin to anticipate price moves based on historical patterns. Recognizing the most popular approaches to technical analysis, traders can drastically improve their ability to see past media hype and rumours, and to trade more objectively during market bubbles and subsequent crashes.

The author first came across technical analysis in the late 90s, not believing it until he began teaching it to clients in 2005, and quickly reaping benefits when applying it to his own trading. He now uses technical analysis to drive more than 50% of his trading decisions, with the balance of consideration coming from fundamental analysis and management of trading psychology and risk management. The technical analysis concepts learned in this book can be applied to all liquid financial markets across all trading timeframes. A high level understanding of cryptocurrencies and their technology, along with standard risk management practices is assumed.

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