BITCOIN BTC/USDT POTENTIAL REVERSAL PATTERN & Analysis 8/6/2018
TECHNICAL ANALYSIS:
- BITCOIN BTC/USDT update
- See LINK for previous analysis 8/5/2018
- BTC is still within a consolidating range with no major moves in either direction
- Although rare - BTC looks as if it may be forming a broadening bottom - reversal pattern
- BTC still needs to break $7300 and then bounce and stay above $7000
- Multiple rejections below $6900, but if another move upwards fails, the 4rth trip down to $6900 will break, and a move to $6770-$6800 range will happen
- EMA's have caught up and are acting as resistance now, so nothing short of a powerful move up is needed
- Bulls will need to come in very quickly, as in today, if this bull trend is to continue and regain any kind of momentum
- The bearish scenario of a trip down to the $6770 range is becoming more likely the longer this consolidation period lasts
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.