BTC Techincal Analysis May 18, 2018

in #bitcoin7 years ago (edited)

I have been studying technical analysis from several professional and semi-professional traders for a few months now. Formerly I had studied forex technical analysis. Now I have been trading cryptocurenies full time for the last few moths as well. And learning during a downtrend is a difficult but necessary time to learn to trade.

However, I feel comfortable with my method of trading. I use a combination of chart patterns, volume, candle sticks and Eliott Wave TA. All of which I am continually learning.

My method uses buying the dips in anticipation of upcoming pullbacks and laddering in buys. And then selling near the top of Eliott Wave cycles.

I trade BTC and ETH to the Dollar on Gemini and I also trade more than a dozen other cryptocurrencies on Bittrex and Binance primarily.

Since this is my first TA on Steemit I will give a very brief TA for BTC.

Bitcoin Technical Analysis

I believe we have completed the corrective A wave over night and are in the process of completing the B corrective wave.

B wave target is approximately $9,595.

C wave projected target is between the 0.5 fib ($8,190) and 0.65 fib ($7,650) retracement.

BTC 5-9-18.png

Disclaimer: This is my personal technical analysis. You should not trade cryptocurrencies without taking full responsibility for your own decisions. I will NOT be responsible for any loses you may have incurred based on my TA. Responsible money allocation is key to not gambling all your investments on one or a few trades. I am now a professional trader but am still learning the hard knocks and realities of swing trading full time. I take responsibility from my own decisions, so should you.

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Nice analysis @kevindixon
Price seems to have held @ $9,000 and looks like price wants to extend towards the upside once more. A 4hour close above $9,300 activates my trade. Keep up the good work, Cheers.

Thank you for sharing with your analysis and predictions. I'm mostly concentrated on discovering chart patterns and I took a wider, 2-3 months view. I found out some potential cup and handle formation that I described here if you are interested: https://steemit.com/bitcoin/@m-san/is-bitcoin-currently-realising-cup-and-handle-characteristic

Yeah, I think you are right. I'm definitely biased to think the low is in and we are due a major bull market soon. Hopefully this summer.

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