Any attempt to apply traditional market analysis techniques to Bitcoin is just nonsense. Bitcoin is not a stock, option, currency or commodity in the traditional sense and trying to apply market analysis techniques, developed for analyzing the trading patterns of actual stocks, options, currencies, and commodities, is not going to yield supportable results. Bitcoins are literally nothing but encrypted blips in a distributed network of computers, that belong to the person holding the proper cypher.
Bitcoins value cant be calculated using traditional metrics, and any attempt to do so is at best folly and at worst deliberately misleading.
redteanews.com
sorry, but your understanding of market Analysis techniques is very poor.
Market Analysis techniques are analyzing the human behavior in buying and selling stocks,options,currencies and all other different items.
This human behavior is independant from the issues you are analyzing.
Because human behavior is in all markets just the same,that is the reason you can recognize patterns of trading evolving during operating (buying and selling) in the markets.
The japanese kind of displaying and analysing the market movements of Rice merchants in the form of candlestick patterns was found and is originated since 18 th century.
And works great.
Why should those techniques not work in bitcoin markets which are just markets of buing or selling an item (bitcoin)?
In these bitcoin markets the psychological behavior of the participants is the same as in other markets