One of the reasons I trade crypto is because of the lack of a lot of news unlike forex. In this way I can have a purely technical analysis outlook. Is this a valid reason?
BTC has been pumping the last couple of days. Why do you think that is?
There’s plenty of news in crypto. I think so much of price movements is just because of a rumor, or court case ,or some milestone reached by a currency.
Bitcoin and the possibility of an ETF is driving the market right now. That’s all news.
Have you been on Twitter/X? Watch like regular finance news on TV? Bitcoin is back!
Hmmmm. During it’s peak, I think crypto also moved a lot with the latest news and even tweets. Maybe the reason why it doesn’t have as much now, is that there’s barely anything happening?
Are you implying that it’s the news?
I am comparing forex economic calendar to lack of calendar for crypto.
I’m not saying its the news, but its up the last couple of days. As you trade cryopto I was wondering if you had any insight into why its up.
I don’t have a fundamental reason behind it. I trade momentum on 5 minute chart as well as a 30 minute chart to get the general direction. I find the combination of multiple time frames beneficial.
I generally don’t pay attention to news but I do recognise that the economic calendar for forex can have abrupt moves because of it. I prefer liquid instruments that move solely or almost solely on technical analysis.
Are you watching crypto charts now? Lots of red. Profit taking from the crazy gains over the last 5 days?
Were you trading when FTX crashed or Luna imploded over a weekend? I know those are blackswans, but still, if you were following news daily, you would have seen the signs of something bad was about to happen.
Because of the low timeframe I use I can find both long and short positions no matter what the news is. I have been taught by Al Brooks that it is best to avoid news and pay attention to price.
Oh cool. Did you take his PA course?
I have done the whole price action course some months back. I also have his forex course which I have abandoned because of time limitations.
Well I can’t say just TA/PA is bad or not. Whatever works for you!
Your timeframe probably helps you a lot. But crypto rumors and news are crazy! Beware of that.
I may be deluded because I don’t pay attention to news. Maybe there is something useful to it but don’t think it is mandatory in order to make trades. Especially for intraday on 5 minute charts.
I’m currently doing the Al Brooks course, it’s really good, but his voice can certainly make you sleepy!
Haha. Get your self some strong coffee. It’s hard, I know but totally worth your attention.
I checked out the Al Brooks website and now I’m getting Al Brooks ads all over social media. He sure does have an “interesting” voice!
In regards to his Forex course. I emailed them before I purchased and ask if I should buy both courses, but they advised me to just buy the main course and not the Forex course as everything in the Forex course is covered in the main course.
It’s worth noting that even in the crypto world, significant news events can still have an impact. For instance, regulatory changes or major developments in the blockchain space can send shockwaves through the market.a
Absolutely, trading crypto with a focus on technical analysis due to reduced news interference can be a valid strategy. The crypto market often fluctuates based on sentiment and breaking news, so steering clear of that noise can allow for a more pure technical analysis approach.