TECHNICAL ANALYSIS:
2 Scenarios - Both have the same end result
Breakout or down is expected within the next 48 hours
No change to hypothesis or targets, but based on recent price action, a second scenario offering the same overall outcome is possible - See LINK for previous analysis.
Scenario #1: Bull Flag
- Break down to $7400-$7600 levels to complete a healthy correction
- Breakout above $8250 with a strong green candle closing above flag trend line
- Target $9500
Scenario #2: Bullish Triangle
- Not very symmetrical, but it will have hit all points on the Triangle formation
- Price has been consolidating for more than a week which has given EMA's and MA's time to catch up
- Breakout point $8250
- BTC has quickly rejected prices at $7800-$8000 2x now - double bottom
- Target $9500
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $6800, $7400, or even $8000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
If you have found this helpful, please UPVOTE, FOLLOW, and RESTEEM :0)
Any and all donations are much appreciated and will allow me to continue producing free analysis! Let me know what charts and analysis you are interested in and I will be happy to work on them!
- LITECOIN: MNwqCX6HoU6MeU9SRwNakT3iHEkfrig2YB
- BITCOIN: 3MwvZ6Q7R7dtSR8P1o5bb3oz4hegwtSuiR
- BINANCE: 0xcaf1e0cd3de21a7d27497a95f8196f74a073ad76
- ETHEREUM: 0x4c8d59799E6EF1faE64Bc40D1668B77DD8d5e9Ed
START INVESTING TODAY!
CLICK HERE TO SET UP AN ACCOUNT ON COINBASE
LEGAL DISCLAIMER:
I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.
Coins mentioned in post: