Bitcoin Price Mini T.A. 9/11/2018
Current Market Cap: $190.77B(-$69.24B in 40 days) Bitcoin Dominance: 56.9%(+8.2%)
*
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are below the moving average which is around $6,300. High ranges at $6,380 and low ranges at $6,215.
Stochastic RSI indicates slightly oversold conditions (32).
MACD shows we are below the Zero Line and the histogram is slightly negative. Support seems to be forming nicely in these ranges as we consolidate in price.
Price Targets:
Entry $5,600- $6,200
Exit $6,400- $7,400
The past month we have seen an even steeper decline in the crypto markets across the board. The most notable change, other than the dropping market cap, has been the significant increase in Bitcoin dominance. This means that investors are shifting away from their alt-coin heavy portfolios as we enter the dreaded capitulation phase. Many smaller investors that overextended themselves during the last hype cycle are now getting squeezed out of the market. Some people simply cannot take the losses anymore because of their high risk investments and the volatility.
This begs the question "What's next?" for this market. As we have seen repeatedly over the past 9 months, there is some serious support in the high $5,700-$5,800 range which has helped to keep the crypto space alive.
I personally think we will see Bitcoin's dominance continue to increase as many smaller alt-coin projects begin to fall by the wayside as the hype recedes. Being the central trading pair (not including Tether) we will continue to see strength from the Bitcoin community in these rough times.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-8-2-2018
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https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
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https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
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https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
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https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-increasing-dominance-and-shrinking-market-cap
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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.)
Let's hope we will see $6,300 again
buy buy buy. It's sad to see my upvote is only worth pennies now
Pump up the jam, markets need to listen to some techno or something. :)
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