Elliott wave analysis
Elliott wave theory is a type of technical analysis that crypto traders use to analyze market cycles and forecast upward or downward trend by determining investor sentiment, peaks, troughs and other factors.
Traders believe that the market is affected by collective investor sentiment or crowd mentality, and it moves between optimism and pessimism in a natural sequence.
It seems to be a good discipline for crypto traders because at the moment they are being driven by investor sentiment and there are no fundamentals that really support the bullish addition to buy. due to limited supply.
It takes years to understand Elliott wave analysis, but some traders believe that it is only necessary to have the basic knowledge that Elliott waves can be applied to markets such as Bitcoin.