TECHNICAL ANALYSIS:
- BULL FLAG / Scenario #1 looks like it is playing out
- See LINK for previous analysis from 7/21/2018 and 7/24/2018
- Minimum Correction Target is $7600
- Maximum Correction Target is $7200
- To test downward trend line (PINK LINE) set from January of this year
- $7400-$7500 is a safe buy zone although a bounce from $7600 is possible
- Expecting at least one more leg down before BTC stabilizes and gets ready for the initial wave 5 move
- BTC is oversold on all charts up to the 4 hour chart
- It is not yet oversold on the daily chart
- Expect a bounce around 45 RSI level on the Daily Chart in order to remain bullish and confirm
- Next move up will be to the 9k+ levels
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $7700, $8200, or even $9000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
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LEGAL DISCLAIMER:
I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, thoughts, opinions, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I utilize to trade and invest, see my previous post - LINK.