Bitcoin BTC/USDT Update Technical Analysis 7/24/2018

TECHNICAL ANALYSIS:

• Bitcoin hit expected targets and then some! LINK to previous TA
• No change to previous hypothesis - both short, medium, and long term targets still stand
• $8000 target was hit and continued run to $8500 proved even more bullish sentiment in the market
  • Bitcoin has officially:
    • Broken out of the giant Bull Flag formed since January
    • Broken out of the the Bullish Falling Wedge formed since January
    • Completed a triple bottom reversal pattern
    • Completed an inverse head and shoulders reversal pattern
    • Broken the downwards trend it has been in for the past 7 months
• All signs are Bullish Overall

• Current State of Bitcoin
  • RSI is overbought - look for a short term pull back that should only last 1-2 days
    • Targeting anywhere between $7200-$7600 - although this is a wide range - Bitcoin is moving fast and wont take long to move up or down anymore at this point
    • Although this seems relatively impossible considering the run it has had over the past few days, the 55 day and 200 day EMA's have not yet crossed over on the daily chart 
    • This is necessary to confirm trend reversal and momentum shift in the market 
    • And a test of the pink trend line (formed since January) needs to happen before looking at 10k and beyond
    • Bear Flag on the 4 hour chart is also pointing to a short term pull back
• Looking to hit 9k by July 31 and 10k by August 10th
• Expect Alts to start picking up momentum as Bitcoin cools off

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 

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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.