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30399045 No.30399045 [Reply] [Original]

Trading crypto noob here.
AM staring to develop an interest in crypto and have been watching quite a few videos on the aspects of technical analysis. I also have some coins in blockfolio to keep an eye on to get a feel of things. Now my main confusion with technical analysis is, that is kinda treats a coin as an stand alone entity and that you need to analyze 'its' behavior. But the trend I see in the coins keep an eye on (btc, matic, dot, ada, xmr, zil, qsp) is that there does not really seem to be individual behavior. I open the app and I see them all in red, next day or some other time later they are all in green, or all even further down. But they pretty much always move together. Does that not invalidate the whole concept of technical analysis on a per coin base?

How you guys see/handle this?

>> No.30399309

>>30399045
Most coins run in unision with BTC because it is the big dog. BTC also generally moves with the marktet. Smaller alt coins are more divergent but also more volotile.

>> No.30399433

>>30399309
This. Everything follow BTC to some extent. A lot also follow ETH closely aswell. 90% of coins in top 100 are pointless as you may aswell just invest in BTC/ETH. Only exceptions are the new coins - GRT/AVAX being the big two new ones, but also Sushi/HBAR/Fantom.

Also TA is mostly a meme especially in crypto don't try day trade just from TA.

>> No.30399741
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30399741

>>30399045
Read Technical Analysis of the financial markets by John Murphy. There are free pdfs on the internet. Also learn the basics of Elliott waves, candelstick patterns, Fibonacci retracement and trendlines. Cheers

>> No.30399811

>>30399045
Just works for day training, and it fails to see the big events anyway.

You're better off with studying Jungian memetics and understanding the flows in the societal psychosphere.

>> No.30399868

>>30399741
Thanks man

>> No.30399876
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30399876

yeah altcoins generally follow btc, and btc has lately been somewhat following the stock market. you can compare the altcoin in question to btc rather than usd in order to see the relative price action, it often tells a different story