I do use TA at times when i want to confirm when to make an entry or exit points. Short term, Charts can be very helpful thou one should not entirely rely on them. I do take small profits and it works perfect every time.

The problem with some people is that they totally rely on chats, and they end up getting disappointed when things go side ways.

You can analyze the direction of the price using a chart or TA, but this is not an ideal forecast. It must be remembered that Bitcoin is very volatile and something can always happen that is not according to plan.

Every user of the cryptocurrency know the uncertainty of the network. Technical analysis is good enough for trading practice. Just for the continued buying and selling it is good, beyond that the price predictions were made with reference to the growth happened in past days during the same time period.

Till yesterday users could've bought cryptocurrency following technical analysis for the trading and long term holding. All of the sudden the market has shown a drastic change. This makes the cryptocurrency network more riskier, even the trading practice which commonly happens with cryptocurrencies.

of course it is. but you have to keep in mind that technical analysis is not a fortune telling technique to predict the future without fault. it is more like some sort of guideline that can help us make the best educated guess about the possible directions that the market might go. then there are a lot of other external factors that can affect the price and when they are considered, you can have a better speculation.

You mean the analysis to predict the price of bitcoin? If so, it doesn't make any sense.

I admit that those analyses sometimes can be very helpful when investing in Bitcoin. But there is a truth that Bitcoin or any cryptocurrency is too hard to predict. For example many people weren't expecting this downfall.

Well, if it has a value, I usually combine it after analyzing the market, I use very little of it, some fibonacci and when Elliot is in trend, it has given me good results. I like to analyze the volume, review the main Exchanges, review the millionaire portfolios to get an idea of ​​what may be happening and when an important movement occurs, I react. I think that by combining this type of analysis with technical analysis I have a better chance of success.

technical analysis has absolutely nothing at all to do with drawing lines on charts.

the chart stuff is called TREND analysis. NOT TECHNICAL

know the difference
anyone trying to pitch you on future prices by just looking at historic prices, is not technical in any way.
in the real world things change due to real world causes.

eg. you wont see details about
transaction fee's on a historic price chart. yet thy affect peoples desire to move coins from/to exchanges
exchanges deposit limits or kyc requirements on an chart, as that affects it
hashrate numbers on a price chart as that affects if its cheaper to buy or mine it, plus cost to mine vs profit to sell
amounts of deposits not on orderlines waiting for the right oppertunity

so if anyone says they are offering a TA but all they show you is a chart with a line they drew. thats trend, not technical.

plus. i can make a chart and have over 50 different angled lines. for instance MA10,MA15,MA20,MA25->MA360
it means crap all. all it means is someone can draw a line at any angle and make it always appear right
(lazy trenders say, 'last month it showd ma20 followed, prvious month was ma50')
if they cant stick to one measure thats consistantly right, then they have noway of predicting the future

oh and one last thing...
bots.
by bots becomming programmed to follow set patterns. they actually do not predict the future, but set the future in play by all doing the same thing at the same time because thats what they are programmed to.
they are in no way predicting the future, they are self fullfilling thier programmed prophecy..
the only issue with that. is that human trading ruins bots programmed logic, which is where even bot trading fails people

Technical analysis is the visual representation of the market psychology, BUT analysis is a total different concept with trading. Analysts have no responsability of their account, they just analyse the charts and paint beautiful lines on them. But if you are a trader and know a little bit of technical analysis you can make fortunes so I would say that TA holds big importance for crypto taking into account that there are few or none fundamental events to take into consideration like Earnings reports for stocks.

Too many unknown factors,  a single country just talks about a new law and the price can Tank. A single company starts accepting bitcoin or creates their own and the price shoots up. We've all seen it happen.  So, tell me about your charts new guy with a degree that didn't include bitcoin.  Give me your best shot.