CryptoKraze here
In this post I am going to cover technical analysis of Bitcoin for medium term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Bitcoin.
Possibility on Daily Chart
In my last post about bitcoin, I have said that correction is almost done. Now I can say with confidance that this correction is finally over and we are ready for next flight to $24,000
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 has formed below 40 level of RSI. So I am expecting 100% growth at least fron this reversal pattern. Ofcorse, there will be some bumps in the journey but mid term destination is above 20K.
*I have already entered at $12,000 as you can see in my previous post about bitcoin and my profit target will be around $22,000 to 24,000.
- Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.
Have a look on my other Posts
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.
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