06032018 BTC/USD Price Analysis
Updated
Let me just clarify that I am not a bitcoin believer. I am a market technician, and I trade based on what I see.
Please understand that I DO NOT take future value of bitcoin/block chain technology into consideration when I am trading, therefore, fundamental aspect of bitcoin is completely irrelevant to my trading decision.
Enough about myself, let's dive into Bitcoin Chart.
Here's what I see:
*Bitcoin now has retested its structural support three times since February of 2018. Each time, bitcoin has shown strong buy candle signals which I consider to be the strongest above all indicators.
*Weekly Indicators have been resilient at $7000 price level.
*Reversal Wave Pattern Confluence
*Bounced off at Mid-tern weekly EMA.
*Volume Support
*Price action has confirmed that bitcoin has been consolidating after strong reaction at $6000 back in February. (As seen in symmetrical triangle)
Why it is a good trade:
- Average Gain for the 3 target price levels (Major Support I, II, and Structural Resistance) far exceed loss at the Stop Loss Level (Downward breakout from triangle)
- Volatility has completely died off, meaning that current price level now is stable.
- Odds are in buyer's favor. More positive signs than negative signs, to my standards.
-
Conclusion: This is the type of trade that I took on Amazon/Micron back in 2016, whose results have been one of the best in my trading careers. This trade is no different.
I do not have my crystal ball like other crypto-gurus. I simply make bet on trades whose yield is far greater than loss, given I have equal or greater chances based on statistics.
I hope you enjoyed my analysis.
Please understand that I DO NOT take future value of bitcoin/block chain technology into consideration when I am trading, therefore, fundamental aspect of bitcoin is completely irrelevant to my trading decision.
Enough about myself, let's dive into Bitcoin Chart.
Here's what I see:
*Bitcoin now has retested its structural support three times since February of 2018. Each time, bitcoin has shown strong buy candle signals which I consider to be the strongest above all indicators.
*Weekly Indicators have been resilient at $7000 price level.
*Reversal Wave Pattern Confluence
*Bounced off at Mid-tern weekly EMA.
*Volume Support
*Price action has confirmed that bitcoin has been consolidating after strong reaction at $6000 back in February. (As seen in symmetrical triangle)
Why it is a good trade:
- Average Gain for the 3 target price levels (Major Support I, II, and Structural Resistance) far exceed loss at the Stop Loss Level (Downward breakout from triangle)
- Volatility has completely died off, meaning that current price level now is stable.
- Odds are in buyer's favor. More positive signs than negative signs, to my standards.
-
Conclusion: This is the type of trade that I took on Amazon/Micron back in 2016, whose results have been one of the best in my trading careers. This trade is no different.
I do not have my crystal ball like other crypto-gurus. I simply make bet on trades whose yield is far greater than loss, given I have equal or greater chances based on statistics.
I hope you enjoyed my analysis.
Note
Possible Elliott count.
Note
Momentum weakening. Retest of bottom may be required.
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