CryptoKraze here
In this post I am going to cover technical analysis of Bitcoin for short term trade. I am using tradingview charts and price linked to Bittrex exchange. Let' have a look on technical aspects of Bitcoin.
Possibility on Daily Time Frame
So we are almost done with the much needed correction and we only need to see how US session start in response to this correction. So I am expecting a little drop in $11,500 to $11,500 region.
Now just have a look at the chart below and note the area in RSI where I marked shark fin. That pattern is associated with reversal. First shark fin appeared when bitcoin dropped from $5000 to $3000 and followed by 150% growth. Second shark fin appeared when bitcoin dropped from $7800 to $5500 and we have seen almost 250% growth.
Now, this 3rd shark fin is in process of forming with recent drop of bitcoin from$19500 to $12000. This sharkfin will be formed below 40 level of RSI. So I am expecting a reversal from this region for another 100% growth at least.
- I have entered at $12,000 and will add another position on $11,000 and my profit target will be around $22,000 to 24,000.
- Stop loss just below $10,000 is must for trading if you don't know the averaging technique or strategy.
If you like my posts and analysis and want me to add analysis on more cryptocurrencies, let me know in comments and I will add analysis
Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected pump or dump will make this analysis void.
