Thanks! I am new to cryptocurrencies (or trading, for that matter) and I am actually sceptical about TA, but I would still like to understand the core concept and the main techniques of this approach to figure out if it makes sense to me or not.
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@schuwall, you're welcome. I hesitate to welcome you to the wonderful world of trading and TA though. The market is a savage place that can and will take your hard earned money without remorse or mercy or pity. Please please be very careful and paranoid.
Please do not trade more than you can afford to lose.
With those basic humanitarian cautions expressed, welcome to trading.
The basic premise of TA is that all information known to all market participants is reflected in price and volume. It is that simple. Further theory says that one does not need to know the "reasons" for price and volume changes because patterns of price and volume changes emerge that create opportunities for profitable trading.
Those who deride TA tend to misunderstand probability is not certainty and that discipline and planning are required for both downside and upside scenarios in any trade.
I am not any kind of TA expert. I'm self taught and extremely simplistic in my analysis and in the last 30 years I'm sure I've lost more money than I've made trading.
There is a youtube channel called DataDash and a guy named Nick there who seems to be a pretty knowledgeable TA practitioner. I rarely subscribe to youtube channels but I'm considering a DataDash sub.
Good luck and be careful,
Rick