Bitcoin Price Mini T.A. 7/14/2018
Current Market Cap: $250B(+$15.11B in 15 days) Bitcoin Dominance: 43.1%(NO CHANGE)
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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 $6,240. High ranges at $6,280 and low ranges at $6,200.
Stochastic RSI indicates normal conditions, neither oversold nor overbought (64).
MACD shows we are barely above the Zero Line with a tapering histogram. Volumes are extremely low and this could allow a drop back below that ZL with a negative histogram quite easily. Stronger support zones need to be established for a push back upwards.
Price Targets:
Entry $5,700- $6,250
Exit $6,350- $7,100
Sometimes it is important to take a step back and look at the bigger picture for Bitcoin. We have seen an extremely volatile and emotional ride for all crypto markets over the past year- first the elation and excitement followed by the fear and despair as prices came crashing back down. Compared to one year ago, when the price hit $2,350 (7/14/2018 GDAX), Bitcoin prices are still up 266%! We are most definitely still in a bull market even though the trend looks bearish in the short term charts.
The price ranges have tightened over the past 6 months or so and we are forming a nice wedge. If prices can break out past $7,000 once again we could stage a recovery to $11,000 in the next 3-6 months. With so much still up in the air the markets have seen some stagnation and very low volumes.
It is the perfect time to start accumulating once again and I always recommend dollar cost averaging. Additionally by using limit orders you can save on fees and allow yourself to buy the dip automatically. As always stay classy and trade without emotion :-D!
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-6-29-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't Worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
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.)
hidy ho!!!!!!! About damn time you do a post
I just didn't see much point in posting a TA post when we were mostly trading sideways and the market is still waiting for some clarity on the regulations and SEC investigations into security tokens. There could be a black swan even that completely decimates the market for a few months and nobody knows quite what it could be yet.
My fear is this: Tether/Bitfinex will be indicted on charges of fraud and manipulation by using USDTether to prop up the price as they printed it. They can create more Tether basically whenever they deem fit and then use those tokens anonymously to buy anything they want from the market. This would create a MASSIVE drop in prices across the board.
Another scenario would be the SEC comes out with a ruling that many of the ICOs and tokens out there are in fact securities rather than utility tokens and this would also cause a massive crash in price. Remember that everything trades in and out of either BTC/ETH or USDT for the most part. This dynamic makes Bitcoin's fluctuations very much tied into the movements of other major coins and projects across the entire market.
https://discord.gg/JTRXJbK theres cannas discord you should stop by
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