Bitcoin BTC/USDT Follow Up Technical Analyis 7/30/2018

TECHNICAL ANALYSIS:

2 Scenarios - Both have the same end result

Breakout or down is expected within the next 48 hours

No change to hypothesis or targets, but based on recent price action, a second scenario offering the same overall outcome is possible - See LINK for previous analysis.

Scenario #1: Bull Flag

• Break down to $7400-$7600 levels to complete a healthy correction
• Breakout above $8250 with a strong green candle closing above flag trend line
• Target $9500

Scenario #2: Bullish Triangle

• Not very symmetrical, but it will have hit all points on the Triangle formation
• Price has been consolidating for more than a week which has given EMA's and MA's time to catch up 
• Breakout point $8250
• BTC has quickly rejected prices at $7800-$8000 2x now - double bottom 
• Target $9500

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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• LITECOIN: MNwqCX6HoU6MeU9SRwNakT3iHEkfrig2YB
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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,  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.