BTC / USD Technical Analysis May 19, 2018
Looking at the detail of the recent retracement, it looks like we have completed a WXY Double Zig Zag correction right around $7,930. It's probably hard for you to see the details but I have accounted for the correct number of waves in proper proportions.
Assuming we are done with the correction we have started our motive wave up (the purple subminuette wave).
BTC / USD 2018 Projection
Looking at a projection of Bitcoin through the rest of 2018 looks like the chart below with the 5th of the Blue wave ending around the end of 2018 breaking it's all time highs. Roughly, between $23,700 and $21,500.
This is a bullish chart based on conservative and statistically probable wave heights calculated from the height of Blue wave 1 and White wave 1 that have already completed. Of course, we could see an extended 3rd or 5th waves the same as we did in November and December of 2017. Which would mean the price would go even higher.
Fundamentally, I think there is every indication that we will be going up in 2018 just from the amount of big investors saying that they are getting into Bitcoin and the corporations that are getting involved very soon. The New York Stock Exchange has announced that they will create a data feed to come out very soon bringing institutional-quality data to the market (this summer?).
You don't think a major player like the New York Stock Exchange and NASDEQ (bought Poloniex) are going to open cryptocurrency exchanges and it's just going to fizzle out do you? That is some major validation there and indication that main stream investors will be getting involved.
Note: If I'm long term investing in a coin I will hold a portion (10 - 25%), preferably in secure storage without trading them.
Disclaimer: This is my personal technical analysis. You should not trade cryptocurrencies without taking full responsibility for your own decisions. I will NOT be responsible for any loses you may have incurred based on my TA. Responsible money allocation is key to not gambling all your investments on one or a few trades. I am now a professional trader but am still learning the hard knocks and realities of swing trading full time. I take responsibility from my own decisions, so should you.