Bitcoin Price Mini T.A. 9/12/2018

in #bitcoin6 years ago (edited)

Current Market Cap: $191.38B(+$0.61B in one day) Bitcoin Dominance: 57.2%(+0.3%)

BTCprice09122018.jpg

*

Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.

Bollinger Bands show we are above the moving average which is around $6,265. High ranges at $6,310 and low ranges at $6,220.

Stochastic RSI indicates overbought conditions (100).

MACD shows we are slightly above the Zero Line yet the histogram is also still negative. The price is waiting for more volumes to break out of this price range.

BTCbuysellzones09122018.jpg

Price Targets:

Entry $5,700- $6,250

Exit $6,400- $7,000

As predicted yesterday the Bitcoin dominance has continued to rise and I don't see this trend stopping any time soon. We will inevitably see a "crapcoin" extinction as scam projects and weakly organized developers fall by the wayside. Only the strong cryptos will survive since their communities will step up and provide the needed support in these tough times.

The majority of the money has already flowed out of this space as all of the hype has slowly faded. This is where the true value in projects will stand out as blockchain believers develop and grow new concepts. The speculation bubble was great for bringing attention and millions more users but now the bear market has drawn on for three quarters of a year many investors are still under their cost-basis.

We are just at the very cusp of something great now folks so don't lose faith yet- Bitcoin and other major cryptos are here to stay! During price consolidations like these I focus on dollar cost averaging and the use of limit orders to ladder my entry points.

Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-9-11-2018

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

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https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary

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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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Hi dude, great to check out your analysis.

Ladder entries! ok I get it!. i think the market sucks because of many projects and ICOs and people on trying to diversy by investing in them end up losing their money. It would've been best if we had say 50 world known Cryptos rather than the millions or rather billions will currently have.

The real problem with ICOs is the fact they offer pre-ICOs to the real big investors who then dump as soon as an exchange lists the coin. People who get hyped on new projects end up holding bags after the market dumps their useless tokens on them. This is why I rarely buy new coins that just got launched.

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