BITCOIN BTC/USDT TECHNICAL ANALYSIS 7/19/2018

TECHNICAL ANALYSIS:

• MID TERM perspective (between now and August 10th)
• From an Elliot Wave perspective it looks as if we have put in a completed wave 1 and wave 2
• The key resistance at $6850 was broken and the run up to the target of $7180 was hit and even went beyond showing more strength than anticipated - LINK to previous TA
• The blue line shows BTC's potential pathway up to $8800-$9000 between now and August 10th (estimated date, anywhere between early to mid August)
• After being rejected at $7600, consolidation is expected in the form of a triangle or bull flag
• $7700-$8000 is the next big key resistance to break - represented by the downward pink trend line
  • This is the downward resistance that has formed since February 
  • A break above will signal a confirmed bull market and trend reversal where all time highs and targets can be considered re-evaluated 
• A Golden Crossover between the 200 day EMA and 55 day EMA has already occurred on the 4 hour chart 
  • Confirmation on the daily chart can only happen after another leg up and some healthy consolidation 
• There is  strong support at $7180 so the correction is expected to test this level
  • A drop to test $6800 is possible, although this is not expected 

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.