I've been thinking about starting to learn how to read charts and do some technical analysis for myself. The problem is I see it ridiculed on pretty much every forum and people saying it's useless for crypto.
What are your thoughts? Worthwhile?
Technical analysis' usage fits for crypto because it is used for day or swing trading from short to medium term trading. Technical analysis serves as a guide for traders. Theyll use indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). They also watch the charts for trendlines and others. Many also says the technical analysis doesn't fit for cryptocurrency because of its volatility it is only good for stable and predictable markets like forex and stock market.
For me, in every subject, technical analysis is useful this serves as a reference The past data makes you analyze how did you perform in the present. Events happened in the past will give your direction on what to do for the next. So in bitcoin though it's hard to forecast but you have the trend because of reference/comparative data.