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1. Understanding of Price Action

Price action is the study of price movements in the past using chart patterns, support, and resistance, volumes, market structures, technical indicators to predict the direction of price in the future.
Price action can help a trader to develop a risk management plan for his or her trade. It would help tell clearly an entry spot for a trade pair on where to take profit and also an exist opportunity for stop loss.
The movement of price in a chart is highly dependent on fundamental factors. Big news on a particular coin can change the movement of the price regardless of its price movement history. So as a price action trader its advisable to pay good attention to fundamental factors even though you may need to ignore it sometimes
For example:

2. Importance of Price Action & Preference

1- It provides a better understanding of the market structure: To succeed in trading you have to understand the structure of the market, this is where price action play an important role as it helps one to see clear the complete structure of a trade in respect to time. A look at the trading chart can never tell what’s going on in the market currently, but with an intent look following the price action can tell what's going on in the market. So with that, a trader can now have an understanding on when there is high demand and supply, which determines the support and Resistance for the trade, it also identifies when there is a reversal on trend and spot on which to enter the trade.

2: It Reflects Traders Emotions and Psychological State: Traders are Humans and so their actions reflect on how they trade and also determine the level of demand and supply of that particular trade pair, So with the help of Chart patterns, price action can tell the next movement of price which is a reflection of the current emotions and psychology of traders. This explains why there is always a trend reverser as traders always want to repeat what they feel was helpful.

3 : Price Action may help filter Noise and False Signals: This is a good reason why price action is highly important. Too many factors affect the movement of price in the market, most of this factors are false calls and so are regarded as Noises or False Signals. Trading Indicators most times can not identify this false signals which put your trade in danger.
How can one identify the False Signals? With the assistance of multi timeframe analysis during price action trading one can identify this false calls.

Preference in Trading Style

For me, regardless of the unending advantages trading with price action seems to present, I will prefer a hybrid approach to technical analysis which is a combination price action and the use of some indicators. However, indicators will just be used to provide additional clue and confirm what price action predicts.

3. Explanation of the Japanese Candlestick

Candlestick patterns are fundamental components of price action analysis because it can help a trader ascertain the market’s movement at a glance. Quite instrumental to trading is the use of the famous "Japanese Candlestick", which today can be found in almost all crypto charts available in exchanges.

The Japanese candlestick refers to crypto charts like the one above in which all price movements for the traded asset are being revealed in real time, most times with colour codes to help traders identify the price actions (green for buys; red for sells).
Japanese candlestick charts help to visualize the interaction between buyers and sellers in the market. The chart helps us to identify areas of high demand and supply of previous price movement and this can help us to identify support and resistance levels on the chart.
Japanese candlestick patterns are reliable way to view an price chart. It shows acivities or things that happened to the price of an asset during a specific period. For example, if you are using a 5 hrs time frame, a candlestick will show the the Entire structure of the pairs which includes the HIGH, LOW, OPEN, and CLOSING.

The default colours of the japanese candles are Red and Green; Red signals Bearish, while Green Signals Bullish. When the candlestick is bullish, it simply means that the price is closed above the open of the candle. Similarly, when the candlestick is bearish, which means that the price is closed below the open of the candle. The length of a Candlestick tells the momentum of Demand and Supply during that particular period of time i.e If the length of the Green Candle is taller than the Red candle then you should expect a Bullish movement then if the Red candlestick is taller than the Green Candle stick, the its Bearish

Technical Chart Preference

For me, technical charts with candlesticks are the primary go-to. They are simple and widely adopted and packs a lot of information within them, I currently cannot tell of a better technical chart aside that with candlesticks.

4. Multi-timeframe analysis & Its importance.

Multiframe Analysis

Multi timeframe analysis is the process of viewing the same asset’s chart under different time frames to study its long and short-term trends.
This involves zoom in and out the chat within a timeframe to study the movement of price in a single timeframe
Multi-timeframe analysis plays a major role in trading journeys. It helps a trader to get a better entry and also to tighten our stop loss positions. The lower the timeframe a tighter stop loss position would be

Depending on the type of trader, multi timeframe analysis can be applied using three time frames, they are:

• The upper time frame: This type from is a higher Time frame, for a example for a Day trader the upper time frame could be 4hrs which would help to tell the movement of the cryptocurrencies for the past 4hrs, though this does not clear the noise, or can not tell you where to lay your support and resistance; rather, it tells the structure of the market, thats why its also called market structure timeframe.

The image above shows an example of 4hrs time frame of NEARUSDT, which clearly is evidently not showing exactly what's going on currently in the trade but giving an overview structure of market.

• The Intermediate time frame: This is a time frame of about 30 mins, its reduces the noise or false calls but does not tell the trade entry spot and where to put in support and Resistance. This timeframe is also called Strategy timeframe.

The above image is a chart same NEARUSDT trade but on a 30mins time frame. Which helps to identify Trends and cuts out some Noise, from the image you can see an uptrend and downtrend, which also have a head and a shoulder. This informations give the trader clear understanding of what to do.

• The lowest time frame: This is a time frame of 5mins, with this time frame the trader can now spot clearly what the entry spot is, where to put support for stop loss and Resistance for taking profit.

With the time narrowed down to 5mins, now its clear, even a new trend is been identified, the candlesticks bars can now tell a trader clearly if there would be a reversal.

Importance of Multi Timeframe Analysis

1 It helps to cancel Noise or false calls in a trade chart.
2 It helps a trader to spot an entry point and an exist opportunity
3 It helps a trader to identify where to put in support and its resistance
4 It also help go give a periodic history of the market structure at a glance

5. How to get a better entry position and tight stop loss using multi-timeframe analysis.

• First, beginning with a higher time frame, I establish the trend and zoom into my preferred frame. In the chart below, I will be starting with the 4 hours frame and I've clearly mapped out my resistance and support levels.

• Next, from the 15 minutes multi-frame view, I established the new short support and resistance and confirmed the trend, and its clearly a bearish trend, at a point in which I strongly believe a sell order will make more sense.

• From the new 5 minute frame, we have seen that the price has broken the support line confirming the downtrend movement. Thus, a trade can be placed as shown here:

This principle can also be applied to a buy order, and will be demonstrated in the next answer.

6. Multi-timeframe analysis on any crypto pair identifying support and resistance levels. Execute a buy or sell order using any demo account.

The crypto pair to be used here is the DOGEUSDT pair

• To begin, I will be using the 4 hours time frame view for the chart, and as shown here, no clear direction was established as it seems traders are showing missed feelings.

• To smoothen out properly I will be jumping into the 5 minutes timeframe view as shown below, and based on my judgement a bullish trend should be expected soon, so I placed a buy market order as shown below.

Here is the proof of the transaction:

Conclusion

For trading indicator skeptics, trading with price actions is an effective strategy if one knows exactly what he/she is doing. Thanks prof @reminiscence01 for your detailed lecturers. I hope not to miss your next class.