TECHNICAL ANALYSIS:
- Bitcoin BTC/USDT Correction follow up
- All correction targets have been hit!
- No change to original hypothesis
- Bitcoin has now hit my second BUY ZONE and hit $7248 today!
- See LINK previous analysis 7/31/2018
- Bitcoin is now testing the downward trend line set since January 2018 which was broken 2 weeks ago during the last BTC spike (PINK LINE)
- Although there is a possibility that BTC touches 7k, this is where i see a potential reversal to take place and where the next BTC run up to begin
- Sell Volume has declined which indicates the correction is slowing down
- RSI Notes:
- 4 hour RSI is at 22 and over sold
- Daily RSI is at 47 - RSI at 45 is where expect a reversal
- There is strong support at the 7k level and I expect 5 waves up to the $9500 range from here
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.