Bitcoin BTC/USD Updated Technical Analysis 8/9/2018
TECHNICAL ANALYSIS:
- BITCOIN BTC/USD daily chart analysis
- See LINK for previous analysis and original hypothesis
- Based on recent price action and Bitcoin's recent drop,the original hypothesis has been nullified
- The drop down past $6800 and overlapping of the proposed original wave 1 impulse invalidated that theory
- Now looking at the daily chart and BTC from a longer term perspective a continued down trend towards the $5000 level is much more likely and would finish the corrective falling wedge pattern that seems to be forming
- Expecting a Corrective B wave up towards the $7000 level from here, and then a continuation downwards to finish the C wave
- Once point 7 / C Wave is complete - a move upwards and break past $7000 would be expected before considering anything in the 9k-10k levels again
- Expect all altcoins to move down and create new lows as BTC moves down during this intermediate time frame
- Long term projections still hold well past 10k and even 20k
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 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.