Current Market Cap: $327.40BB(-$8.1B in one day) Bitcoin Dominance: 38.6%(+0.2%)
*
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are just slightly below the moving average which is around $7,470. High ranges at $7,600 and low ranges at $7,335.
Stochastic RSI indicates normal conditions, neither oversold nor overbought (53).
MACD shows we are below the Zero Line and the histogram is negative. Would only take a moderately sized sell order to drop us back down even further and re-test the February lows again (~$6,500 range).
Price Targets:
Entry $6,500- $7,400
Exit $7,550- $8,600
We are at a very critical junction for Bitcoin and crypto markets. The US government is finally taking serious steps towards regulation in this industry.
Any time there is uncertainty there will be panic!
If there is anything that crypto markets don't like it is uncertainty. What will the next week hold in store? I predict a series of bad news events which will push us even further than expected. As per usual bad news comes in threes for Bitcoin so get your portfolios in line.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-5-24-2018
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
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
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
*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.)
Been buying some BTC lately but hesitate to put it in new coins
Yes I have been the same way. The only coins I have been investing in over the past two months have been LTC and ETH. I haven't even bought anymore BTC since I had already stashed some away after the huge drop.
Alt-coins are going to have a hard time recovering and we will see the money flow into BTC first before it trickles down back into the other alt-coin markets.
Similar thoughts as to me, although different style of TA. Thanks mate!
Yes Technical Analysis is like an artform. Everyone has their own style and nobody really can say which is the best because they all have their merits and strengths/weaknesses.
Can you recommend any good places to learn TC please, want to test it out myself
by TC do you mean technical analysis?
Yes sir
There are many course on udemy you can get for free, as well as youtube for the basics
I'd recommend learning these concepts, candlesticks, market psychology basics, trend lines, patterns, RSI, MACD, Moving averages and elliot waves. Good luck!
I learned a lot of my style from NodeInvestor (from YouTube)- he also has a channel here but he doesn't upload as often as he does on YouTube. He is a fantastic very experienced trader that moved over to the crypto markets after decades of trading traditional stocks. He is a TA genius!
Can you recommend any good places to learn TC please, want to test it out myself
Learn how to read support levels, buy sell zones (according to Relative Strength Index) as well as Fibonacci Retracements.