A few years ago, I analyzed the candlesticks price chart data of over 1,000 CRYPTOCURRENCY Pairs to better understand the most important metrics for performing proper technical analysis of any CRYPTOCURRENCY Pair.
Specifically, I looked at a number of metrics like: Support and Resistance, Moving Averages, Fibonacci Levels, Trend lines, Vwap, Rsi and many more indicators.
With the help of my data partner, Tradingview.com chart page, I learned a lot about how the price action of all CRYPTOCURRENCY Pair operates.
Let’s Get Right Into The Data.
1. Support and Resistance, Moving Averages, Fibonacci Levels, Trend lines, Vwap, Rsi and many more indicators are useless and have no influence on the price action of any CRYPTOCURRENCY Pair.
2. What moves the price action of any CRYPTOCURRENCY Pair is the rate of Supply or Demand for that particular CRYPTOCURRENCY Pair.
3. When there’s more Demand than Supplied for any CRYPTOCURRENCY Pair, the price action will form a Bullish Trend Section. But when there’s more Supply than Demand for any CRYPTOCURRENCY Pair, the price action will form a Bearish Trend Section.
4. Finally the most important metrics for performing proper technical analysis of any CRYPTOCURRENCY Pair are: The Bullish Trend Section or The Bearish Trend Section of the CRYPTOCURRENCY price action.
And that's absolutely all that you'd ever need to perform proper technical analysis of any CRYPTOCURRENCY Pair.
You will be limiting your ability to make more money in the CRYPTOCURRENCY Markets if you choose to perform technical analysis of any CRYPTOCURRENCY Pair differently.
Leave some comments below if you think other wise, thanks.
