Bitcoin BTC/USDT Correction Follow up Technical Analysis 7/31/2018

TECHNICAL ANALYSIS:

• Bitcoin BTC/USDT correction analysis - See LINK for previous TA
• Bitcoin is on track with targets and setting up for the next run up to $9,500-$10,000
• The 4 hour chart is very oversold - RSI 20
  • Daily is still trending downwards 
  • Daily RSI is currently at 49 - looking for a reversal around 45 RSI 
• Bitcoin has already hit the first buy zone / correction target at $7600
• Currently consolidating at within the $7500 range
• Expecting 1 more leg down and hit the second buy zone within the $7400 ranges
• A dip down as low as $7000-$7200 is a possibility and cannot be ruled out 
  • This is NOT EXPECTED - but if it does happen, should only last for a short time
• Anything within the $7400 level is where I see a strong bounce and potential reversal

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.