I have seen a few youtube vloggers talk about support and resistance areas when talking about charts of cryptocurrencies. They talk about Technical analysis, candlestick patterns, etc. just like the way they are used by traders who trade in Stocks at NYSE or Nasdaq.
My question is how relevant is Technical analysis when it comes to buying and selling cryptocurrency? Does the cryptocurrency market work the same way as the other stock exchanges? How much does this technical analysis mean to someone who is buying as a long-term investment?
Please share some wisdom in this regards,
Thank you.