tried to read charts using some of the indicators i used to trade forex. with some, like the basic stochastic oscillator and william's range i'm able to tell which direction price will go but some don't really work. i go to tradeblock and use some of the indicators there to tell price of some of the major cryptos. which indicators do you use which you think is best to predict price movement?
There is no true price indicator for bitcoin because it's not really backed by anything. People try to put their analysis up based off log charts, but even then, you're not going to be able to ever constantly call what the bitcoin price will be. The best indicators a crypto trader has is the news. Not analysis news, but technological advancement, investor news, just anything that discusses if people will be putting their money into the coin. If you find this, you'll see that the price rises. An example is the Peter Thiel news which I believe boosted the price.
yes I strongly agree the best indicator is an example of news news going on in China about the ban bitcoin, we know the world's largest bitcoin users in the country of China so the ban causes the bitcoin price down. but I have a prediction that I think is quite accurate by comparing with other coins I usually see other coins going down then bitcoin prices will go up and vice versa if other coins rise then the price of bitcoin falls you could pay attention a few days or weeks ago. though not so accurate but I believe in the pattern.