TECHNICAL ANALYSIS:
- Follow up on BTC/USDT from 7/19/2018 - LINK
- No change to original hypothesis - the Target of $7800-$8000 still stands
- The expected Bull Flag has indeed formed suggesting one more move upwards
- Looking between now and Monday July 23,2018 for this to occcur
- The Exponential Moving Averages (200 day and 55 day) have had a chance to catch up and now serve as support at $6950 and $7200
- Although a potential drop to $6800 is still possible, it is also highly unlikely at this point considering how strong this past move has held up
- BTC did hit the expected BUY ZONE highlighted in the blue box between $7080 and $7180 and quickly rejected that price
- There is still strong resistance at $7600, but a breakout defined by a solid bodied green candle closing on the 30min/1 hour chart will confirm and indicate the run up to $8000
- Note a short lived spike on the 5/15min chart is not enough confirmation
- IE. The wick that formed 7/20/2018 morning where there was no follow through
- Note a short lived spike on the 5/15min chart is not enough confirmation
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 $6800, $7400, or even $8000 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, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.