{"id":411279,"date":"2020-01-16T19:00:25","date_gmt":"2020-01-16T19:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=411279"},"modified":"2020-01-16T17:52:34","modified_gmt":"2020-01-16T17:52:34","slug":"blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\/","title":{"rendered":"Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap"},"content":{"rendered":"

If you\u2019ve spent any time browsing crypto Twitter, or any of the Bitcoin<\/a> or crypto-focused communities on Reddit, there\u2019s no doubt you’ve come across investors challenging traders sharing charts filled with trendlines, saying that \u201ctechnical analysis doesn\u2019t work.\u201d<\/p>\n

While technical analysis does not guarantee success, it can certainly increase the probability of it. However, any bias \u2013 something that is ever-present throughout the crypto market \u2013 must be removed to accurately get a read on the market. Let\u2019s take a look at how bias can interfere with technical analysis, and why many believe the practice doesn\u2019t work at all.<\/p>\n

Crypto Technical Analysis Isn’t About Perfection, It’s About Probabilities<\/h2>\n

Bitcoin<\/a> price has exploded out from its recent low trading range between $6,400 and $7,400 and made its way toward a local high of $8,900.<\/p>\n

The leading cryptocurrency by market cap has since been consolidating and before the day is over is likely to choose the direction it’s going to go on for the weeks ahead.<\/p>\n

Related Reading | Comparing Current Bitcoin Breakout To Historic October China Rally<\/a><\/strong><\/em><\/p>\n

But the most recent price action can be confusing, as cryptocurrency trader Jacob Canfield points out. Because the market is comprised of both bearish and bullish selling or buying pressure, oftentimes price patterns can appear to be both bearish and bullish, and if a trader or analyst holds any bias, there\u2019s a strong chance their judgment will be clouded.<\/p>\n

In an example shared by the prominent trader, the same chart is shown with two different chart patterns drawn out with trendlines. One appears to be a bull flag pattern, which typically signals bullish continuation. The other pattern could be a triangle or pennant that has started to break down.<\/p>\n

https:\/\/twitter.com\/jacobcanfield\/status\/92021249?s=12<\/p>\n

The above serves as a perfect example of why technical analysis isn\u2019t perfect and is regularly challenged by those that do not practice it.<\/p>\n

Even Bitcoin’s Downtrend Line Changes With Personal Bias<\/h2>\n

How trendlines are drawn, and by whom can reshape the same structures across the same price chart, especially if there is bias thrown in the mix.<\/p>\n

Take Bitcoin<\/a>\u2019s downtrend line for example. Trendlines should be drawn with the most possible touches, however, bias can easily cause an analyst to miss this important point, and draw the line across the most obvious points.<\/p>\n

\"bitcoin<\/p>\n

In the above example, the green \u201cbullish\u201d downtrend line has only been touched twice, and Bitcoin has now broken out from the trendline on the third try, suggesting the downtrend is over.<\/p>\n

Related Reading | Bulls Beware: Last Bitcoin Downtrend Breakout Led To Bear Market Lows\u00a0<\/a><\/strong><\/em><\/p>\n

However, the red trendline has multiple touches and hasn\u2019t been breached above by Bitcoin<\/a> with this recent rally, suggesting the downtrend isn\u2019t over at all.<\/p>\n

So, for those of you new to technical analysis or don\u2019t understand it, it does work, but it requires a clear view of the market, without any bias. For those that are regularly practicing technical analysis and failing to find success, try removing any personal bias from your charts, and see if your win rate improves.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve spent any time browsing crypto Twitter, or any of the Bitcoin or crypto-focused communities on Reddit, there\u2019s no doubt you’ve come across investors challenging traders sharing charts filled with trendlines, saying that \u201ctechnical analysis doesn\u2019t work.\u201d While technical analysis does not guarantee success, it can certainly increase the probability of it. However, any bias \u2013 something that is ever-present throughout the crypto market \u2013 must be removed to accurately get a read on the market. Let\u2019s take a look at how bias can interfere with technical analysis, and why many believe the practice doesn\u2019t work at all. Crypto Technical Analysis Isn’t About Perfection, It’s About Probabilities Bitcoin price has exploded out from its recent low trading range between $6,400 and $7,400 and made its way toward a local high of $8,900. The leading cryptocurrency by market cap has since been consolidating and before the day is over is likely to choose the direction it’s going to go on for the weeks ahead. Related Reading | Comparing Current Bitcoin Breakout To Historic October China Rally But the most recent price action can be confusing, as cryptocurrency trader Jacob Canfield points out. Because the market is comprised of both bearish and bullish selling or buying pressure, oftentimes price patterns can appear to be both bearish and bullish, and if a trader or analyst holds any bias, there\u2019s a strong chance their judgment will be clouded. In an example shared by the prominent trader, the same chart is shown with two different chart patterns drawn out with trendlines. One appears to be a bull flag pattern, which typically signals bullish continuation. The other pattern could be a triangle or pennant that has started to break down. https:\/\/twitter.com\/jacobcanfield\/status\/92021249?s=12 The above serves as a perfect example of why technical analysis isn\u2019t perfect and is regularly challenged by those that do not practice it. Even Bitcoin’s Downtrend Line Changes With Personal Bias How trendlines are drawn, and by whom can reshape the same structures across the same price chart, especially if there is bias thrown in the mix. Take Bitcoin\u2019s downtrend line for example. Trendlines should be drawn with the most possible touches, however, bias can easily cause an analyst to miss this important point, and draw the line across the most obvious points. In the above example, the green \u201cbullish\u201d downtrend line has only been touched twice, and Bitcoin has now broken out from the trendline on the third try, suggesting the downtrend is over. Related Reading | Bulls Beware: Last Bitcoin Downtrend Breakout Led To Bear Market Lows\u00a0 However, the red trendline has multiple touches and hasn\u2019t been breached above by Bitcoin with this recent rally, suggesting the downtrend isn\u2019t over at all. So, for those of you new to technical analysis or don\u2019t understand it, it does work, but it requires a clear view of the market, without any bias. For those that are regularly practicing technical analysis and failing to find success, try removing any personal bias from your charts, and see if your win rate improves.<\/p>\n","protected":false},"author":517,"featured_media":411283,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[13998,428,41828,6664,67890,4078,4227],"class_list":["post-411279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bias","tag-bitcoin","tag-bull-flag","tag-crypto","tag-pennant","tag-technical-analysis","tag-triangle"],"acf":[],"yoast_head":"\nBlind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap<\/title>\n<meta name=\"description\" content=\"If you\u2019ve spent any time browsing crypto Twitter, or any of the Bitcoin or 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap","url":"http:\/\/wncen.com\/news\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/bitcoin-crypto-technical-analysis-bias-shutterstock_170164847.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/bitcoin-crypto-technical-analysis-bias-shutterstock_170164847.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bias","bitcoin","bull flag","crypto","pennant","technical analysis","triangle"],"dateCreated":"2020-01-16T19:00:25Z","datePublished":"2020-01-16T19:00:25Z","dateModified":"2020-01-16T19:00:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/bitcoin-crypto-technical-analysis-bias-shutterstock_170164847.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/bitcoin-crypto-technical-analysis-bias-shutterstock_170164847.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bias\",\"bitcoin\",\"bull flag\",\"crypto\",\"pennant\",\"technical analysis\",\"triangle\"],\"dateCreated\":\"2020-01-16T19:00:25Z\",\"datePublished\":\"2020-01-16T19:00:25Z\",\"dateModified\":\"2020-01-16T19:00:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/bitcoin-crypto-technical-analysis-bias-shutterstock_170164847.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/411279"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=411279"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/411279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/411283"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=411279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=411279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=411279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}