Hi Guys.
Just one quite significant problem/misunderstanding , I can see in crypto sphere.
Please, don't use candlestick patterns on daily or weekly charts.
Your analysis is worth less than electricity wasted by your computers in this time.
Now I will explain why.
Japanese candlestick charts and patterns are not someone's overnight discovery. They were polished for years before their introduction to western world in early eighties.
All candlestick patterns have their BEGINNINGs and ENDs, where BEGINNING is exchange OPENING TIME and END - exchange CLOSING TIME. Years of discovering meaning and replicability of those patterns are based exactly on that.
But here we are in 24H CRYPTOWORLD!!!
Your proudly discovered doji hammer does exist only in your timezone. Your exchange OPENING TIME is MIDNIGHT OF YOUR TIME but for me it can be 1am or midday. And definitely I will not see your useless pattern in my chart.
Regarding using UTC it makes everything even worst. Stock markets are opening every weekday's morning on the same time. First few hours of trading are influenced by yesterday's or early morning news and gossip, shareholders are executing earlier prepared trades or just check how news from different timezone may affect local market. In crypto reaction to news is immediate as crypto holders don't have to wait until next morning or even worst -Monday morning to "execute" that reaction.
So guys, If you have years of experience in trading shares, good for you, but stick to trends only, please and don't mess in newbie's heads.
