TECHNICAL ANALYSIS:
- Bitcoin BTC/USDT analysis - See LINK for previous analysis on 8/15/2018
- Bitcoin hit $6875 yesterday which was $25 short of my $6900-$7000 target range
- There is a possibility where BTC still has 1 or 2 more waves up and still hits $7000 and even $7200-$7400
- But I still hold that $6900-$7000 will be the top and I expect another 5 waves down to the $5200 ranges
- No change to original hypothesis, although the patterns are a little abnormal, the overall price direction and price targets are being hit
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 $6000, $8000, 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 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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- BINANCE: 0xcaf1e0cd3de21a7d27497a95f8196f74a073ad76
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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.