Can the Market of Cryptocurrency Be Followed with the Technical Analysis?

Abstract

Abstract: This paper focuses on the role of technical analysis in cryptocurrency and whether cryptocurrency can be followed with technical analysis or not. During this study, we have used the most established technical tools and indicators like the Candlestick pattern, volumes, trends, the Moving Average, Moving Average Convergence Divergence, the Relative Strength Index, Bollinger Bands, Fibonacci Retracement, etc. By analyzing Bitcoin charts, the results indicate that the indicators can be used to generate a significantly positive return. It is found that cryptocurrency can be followed with technical analysis like equity market and forex market. We have used charts that explain how Bitcoin can be traded through technical analysis which is the most hyped-up topic for today’s generation. Keywords: Technical Analysis, Cryptocurrency, bearish, bullish, traders, candlestick pattens, technical indicators, securities, Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands and, trends.