Re: With Bitcoin 33% higher, did technical analysis cause the move?
What does that question even mean? Technical analysis is something that's used to evaluate and analyze the markets to potentially make better trades. How can something that's not even an event/incident nor an entity cause a price movement?
Events don't do the trade and it is human being that do the trade and as such we cannot ruleout how technical analysis affect the cryptocurrencies market. Traders especially the professionals, makes use of events (news, fundamental analysis) and technical analysis ( candlestick formations and patterns, Technical indicators such as parabolic Sar, macd, relative strength index, moving average crossing) to make an informed investment decision.. Most of the trading robots are build using technical analysis and those robots trade in the cryptocurrencies, forex and stocks market too. Therefore we have many factors that influence the movement of bitcoin and all those factors are playing significant roles in the market.