I will analyze it as any other chart and I expect we profit massively from it. This will be an easy trade. Namaste.
Bitcoin (BTCUSD-COINBASE) Weekly Chart Analysis:
- Let's start with the Bitcoin rally/bull run. ATH , retrace, support and continue to the indicators for a trade.
- We look at the chart from left to right. You can see the date marked at the bottom of the chart.
- Bitcoin starts its bull run late October/November, according to the chart above. The price increased from $5511.11 on November, all the way up to $19891.99 on December 2017, hitting its all time high and then starts the decline.
- Bitcoin starts to retrace massively and hits a low point on February at $6000 per Bitcoin . This price was the resistance that was broken to start Bitcoin's bull run, now it is working as support. (This is marked on the chart with a yellow square).
- After a corrective wave up, Bitcoin continued retracing but always maintaining the same support. In the meantime, decreased and our indicators started to show us that Bitcoin has been oversold.
- Bitcoin has shredded over 70% of its price from its all time high.
- Since we've established a very strong support, we can open a long term trade for Bitcoin with moderate risk and very high profits potential.
- Just like we are seeing with the altcoins, you can expect Bitcoin to hover around the 2017 strong support for a while, maybe break below it, to quickly come back up and start a new wave up/bull run. There is also a chance that the "strong support" does not break and Bitcoin moves up from here ($6000+ range).
- Let's take a look. Let's look at the KING of cryptorrency - BITCOIN - long term...
Bitcoin ( BTCUSD ) Long Trade by Alan Masters
(1) $6330 - $6500
(2) $5950 - $6100
Targets for Bitcoin ( BTCUSD ):
(1) Close below $5900 on the daily candle.
(2) Close below $5700 on the weekly candle (strong / long term).
Capital allocation: <50%.
HOW TO BE KING
Desire. Training. Nature. Spirit. Time.
This is how I became King.
First comes the desire.
The desire will drive you to train.
You will trained for what it seems to last forever.
You will be trained together with nature...
Following all of her laws, you will be able to accomplish your desires.
Nature will lift your Spirit.
Your light will start to shine...
And with time it will shine brighter... and brighter it gets...
You will become KING.
The King of BITCOIN .
Targets for Bitcoin (BTCUSD):
(1) $6650 - Next target.
We wait for the weekly candle to close. If price closes below $5700, we close this trade.
If the candle closes above this price, trade remains active.
Patience is key.
Thanks a lot for the support.
At the beggining of the month you mentioned several time 22 Octomber. It's coming and you're still bullish. So I'm looking forward impatiently :)
"Up to the 22nd October for massive bullish action, a change of trend.
This is based on the analysis above. My perspective can change as the market changes."