Bitcoin Price Mini T.A. 11/7/2018
Current Market Cap: $218.96B(+$12.42B in 4 days) Bitcoin Dominance: 51.7%(-1.6%)
*
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 $6,505. High ranges at $6,515 and low ranges at $6,495.
Stochastic RSI indicates very oversold conditions (<2).
MACD shows that we are still above the Zero Line although falling and the histogram remains negative. Sluggish movement since breaking that $6,500 zone might suggest a slight retracement to the mid to high $6,400 area.
Price Targets:
Entry $6,150- $6,500
Exit $6,550- $7,000
As the sentiment begins to slowly shift in the market towards a more positive light, we have seen increased interest from institutions willing to invest and form their own trading avenues. There are constantly new partnerships and projects being formed which will allow the influx of such capital but it will still take a bit more time as the learning curve is quite steep in this industry.
Having had a head start and being involved in this space since 2013 I would have to say that it takes a while to wrap your head around all of the concepts to see the bigger picture. Once you do then it is easy to see this technology is here to stay and will only continue to grow in popularity.
As a new form of venture capitalism the cryptocurrency markets are completely revolutionary. For this reason I believe the upside potential far exceeds the downside risk at this point in time, but as always proceed with caution no matter what kind of investment you are partaking in.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-11-3-2018
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.)
You need to start doing the dodge coin updates
DodgeCoin so dodgy :-D!
You must mean the best coin in the whole world- and that would be DOGE coin … much wow.
You know im such a newb lol
Such n00b
I not yet familiar with all those indicators, but I know cryptocurrencies are here to stay. ;)
Well Bollinger Bands is pretty straight forward and just gives projected high and low ranges obviously with a moving average in the middle.
The Stochastic RSI is the relative strength index and gives a general idea of overbought or oversold conditions, above or below the purple zone that is.
The MACD is the Moving Average Convergence Divergence and kinda gives an idea of where the market is headed at any particular time. The Zero Line is generally considered a market dictating bullish or bearish sentiment as well as the histogram which is the series of smaller red bars going up or down from that Zero Line.
Using all three I get a generally good idea of what is going to happen on a daily basis chart just by looking at the 1-hr candles. Also by applying dollar cost averaging techniques and laddering my entries I reduce my volatility and risk on trades.
Great explanations, I even transcript it by hand for further reference. :)
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