Do you do TA on alt coins? I do it on BTC and trade market sentiment on alts.
Do you do TA on alt coins? I do it on BTC and trade market sentiment on alts.
I have recently observed no matter how good your TA is, it doesn’t always work on alt cos most alt price direction is impacted by BTC price.
When BTC is up all other coin move up. So why spending time on doing technical analysis on alts when doing it on BTC gives you a potential clue of most assets price direction?
New altcoins will not have any historic data to look back on, so TA may not work accurately, but that does not mean that you should ignore it completely and use your TA from studying BTC movement to predict the movement of the altcoin.
If you suggest focusing on only BTC price movement to make predictions for the altcoin, it is almost the same as saying someone should focus on only technical analysis and not pay any attention to fundamental analysis, but in doing so, accuracy of analysis is reduced.