Quote from: Ektra on January 06, 2018, 02:54:11 AM

Quote from: player514 on January 06, 2018, 01:02:27 AM

Quote from: care2yak on January 06, 2018, 12:49:04 AM

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.

Good luck with trading on news when the market turns. News seems to have very little real impact on the general trend which is where the real money is made. What news predicated the turn from bear to bull in 2015, can you point to any concrete event? Many people who sold at $300 would love to know I'm sure LOL.

I'm not sure you have any understanding of what indicators are if you think being 'backed' or not has anything to do with their efficacy, or think that any reasonable trader expects to 'constantly call what the bitcoin price will be'.

I actually don't think you understand what I mean when I say news. Take for example, the China FUD drop where Bitcoin fell by multiple thousand dollars. What sparked it? Well, it was the China banning exchanges. Simply put, more people started publishing the article about it, and so the news became widespread. As time went on, more news came out in pessimistic response to Bitcoin. In return, the coin kept dropping and dropping because people who put their money into BTC without knowing how it worked were nervous. What I'm saying is that when bad news comes out and that news snowballs, it can cause a pretty negative effect on bitcoin. So, when you see negative/positive news, you'll have a price indicator.