The steady decline in Bitcoin price and many Crypto experts argue not to buy crypto coins unless another price-resistant rally. I am going to show you a short technical analysis of Crypto’s major assets. So, continue to learn Bitcoin price technical analysis. So let’s get started with the Bitcoin price technical overview.
It was above $800B on January 7, 2018, but gradually, it has gone down the trade and now briefly fell below $200B earlier this week. Bitcoin price technical analysis Aug 2018.
So you notice about Bitcoin -70% back from its peak, Ethereum –80%, Litecoin -85%, Ripel -91%
Table of Contents
Bitcoin price technical analysis perspective view BTC/USD
August 17, 2018, Bitcoin trade recommendation (BTC/USD). We think there has a lot of sellers in the market.
We think it could go through a downtrend of $5100 to $5000, and then it bounces there is a low volume. Unfortunately, it goes a deep downtrend maybe $4100 and in the long run, it could be $2900.
Bitcoin price technical bullish trend
In another case of a short-term bullish trend, the price will touch potentially $6800 to $7000 support as possible and sell immediately won its target is hit.
The current price is 50/50. If the resistance goes upper to $7200-$7400 maybe it could back $7000. They’re also a cause topping out.
To get a clear idea to start Bitcoin trading you might watch some popular YouTube crypto channels to make you a crypto trading analyzer.
Daily Yearly Bitcoin chart
There are many YouTube videos on the Bitcoin market and they analytics how to trade crypto.
The daily chart is looking pretty good and the volume is pretty good. The current price is very critical.
If you are looking for a bullish case or a bearish case the currency price movement will give you an idea. Bitcoin usability and stability continue to improve.
Finally, Bitcoin still downtrend As 200-Day MA Caps Prices. The bull has stepped repeatedly to define the $6000 level. We also respect a bearish-resistant level at $8000.
Bitcoin 1-time span
- Bitcoin’s worth looks, by all accounts, to be shaping a reverse head and shoulders style in its 1-hour time span. So you have a good idea about Bitcoin price technical data.
- This is viewed as an associate degree exemplary inversion flag and if thoroughbred, the price may pull up from its previous drop.
- Specialized markers’ area unit, in addition, mirroring the distance of optimistic force.
Summary of Strategy
Here is a summary of some common strategies:
- Buy and Hold: This strategy involves purchasing Bitcoin to hold it for the long term, typically with the belief that its value will increase over time. Investors who follow this strategy often focus on the potential of Bitcoin as a store of value or digital gold.
- Dollar-Cost Averaging (DCA): DCA is a strategy where investors regularly allocate a fixed amount of money to buy Bitcoin at regular intervals, regardless of its price. This approach aims to mitigate the impact of short-term price volatility and allows investors to accumulate Bitcoin over time.
- Trading: Traders aim to profit from short-term price movements in Bitcoin. They may use technical analysis, charts, and indicators to identify entry and exit points. Trading strategies can vary widely, including day trading, swing trading, or trend following.
- Arbitrage: Arbitrage involves taking advantage of price differences between different cryptocurrency exchanges. Traders buy Bitcoin from one exchange at a lower price and sell it on another exchange where the price is higher, making a profit from the price discrepancy.
- Bitcoin Mining: Mining is the process of validating transactions and adding them to the Bitcoin blockchain. Miners use specialized hardware to solve complex mathematical problems, and in return, they are rewarded with newly minted Bitcoin. Mining can be a profitable strategy if done efficiently, but it requires significant upfront investment in equipment and electricity costs.
Buy: As close to $6200 as possible.
Target: $7000-$7200
Stop: $5800
As of this writing, the BTC/USD pair is trading at $8,198.29 on Coinbase.
Make money with trading analysis
Several people are trading Cryptocurrency and bitcoin. By following the role of buy low and sell high. In this way, people are making money online.
Sure! Here are some informative points about Bitcoin price technical analysis:
- Candlestick Patterns: Technical analysis of Bitcoin’s price often involves studying candlestick patterns. These patterns, such as doji, hammer, or engulfing patterns, provide insights into the market sentiment and potential price reversals. Bitcoin price technical analysis candlestick patterns is a vital matter.
- Support and Resistance Levels: Traders analyze Bitcoin’s historical price movements to identify significant support and resistance levels. These levels represent areas where the price has historically found buying or selling pressure, respectively.
- Moving Averages: Moving averages are commonly used in technical analysis to smooth out price data and identify trends. Traders often look at the 50-day and 200-day moving averages to understand the long-term trend of Bitcoin’s price.
- Relative Strength Index (RSI): The RSI is a momentum oscillator that measures the speed and change of price movements. Traders use RSI to identify overbought or oversold conditions, which can indicate potential price reversals.
- Fibonacci Retracement: Fibonacci retracement levels are horizontal lines that indicate potential support and resistance levels based on the Fibonacci sequence. Traders use these levels to identify areas where the price might reverse or consolidate.
- Volume Analysis: Volume analysis involves studying the trading volume accompanying Bitcoin’s price movements. High volume during price increases suggests strong buying pressure, while high volume during price declines indicates strong selling pressure.
- Moving Average Convergence Divergence (MACD): MACD is a popular technical indicator that combines moving averages to identify potential trend reversals. Traders use MACD crossovers and divergences to generate buy or sell signals.
- Breakouts and Breakdowns: Technical analysis looks for breakouts above resistance levels or breakdowns below support levels. These events can indicate the beginning of a new trend and provide trading opportunities.
- Chart Patterns: Traders analyze various chart patterns, such as triangles, head, and shoulders, or double bottoms, to predict future price movements. These patterns offer insights into market psychology and potential price targets.
- Historical Price Data: Technical analysts often examine Bitcoin’s historical price data to identify recurring patterns and trends. On historical price data Bitcoin price technical analysis important. By understanding past price behavior, traders can make informed predictions about future price movements.
It’s important to note that technical analysis is not foolproof and should be used in conjunction with other forms of analysis. Additionally, market conditions and external factors can impact Bitcoin’s price, so it’s crucial to stay updated with the latest news and developments in the cryptocurrency space.
Finally,
So, the Cryptocurrency platform is a vast field to make money doing different jobs like trading. If you know how to trade crypto like bitcoin XRP and another altcoin then you can regularly update bitcoin analysis through YouTube or with your blog. Now you have a good idea of Bitcoin price technical analysis.