Bitcoin Price Mini T.A. 10/1/2018
Current Market Cap: $221.79B(-$2.8B in 4 days) Bitcoin Dominance: 51.4%(-0.3%)
*
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are right at the moving average which is around $6,560-$6,570. High ranges at $6,600 and low ranges at $6,530.
Stochastic RSI indicates slightly overbought conditions (74).
MACD shows that we are below the Zero Line and the histogram is tapering down. Sluggish market action but we are still holding key support zones for now.
Price Targets:
Entry $6,100- $6,550
Exit $6,700- $7,000
The past few days we saw a slight retracement but have still held key support levels in the mid $6K zone. This is important if we are going to set up for a much larger movement in the near future. In any market cycle there will be hypes and rallies followed by long depressive periods.
I see a very healthy formation setting up where the price has begun to find an equilibrium with cost of production. Bitcoin's mining costs affect many things in the crypto sphere simply because it is the main trading pair (other than Tether).
While others are concerned that the market will continue to bottom out even further than we have seen, I do not believe this to be the case. We have bounced several times off key support zones and have yet to break below.
As I said in my last post, this is an accumulation period- where smart investors are accumulating and weak hands are exiting the market out of fear.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-9-27-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Keep A Strong Hand!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-increasing-dominance-and-shrinking-market-cap
My Latest Series:
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-1-when-to-buy
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-2-when-to-sell
*Never invest more than you are willing to lose and always do your own research before making any investment decisions. I am NOT a financial advisor and this is NOT financial advice- this material is intended for entertainment and informational purposes only. Hit "CTRL + or CTRL -" to change size of chart.
(All pictures are free domain images created by myself with the help of Coinigy.com.)
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I hope you are right about weak hands exiting the market because I don't like weak people!
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