Bitcoin Chart - The KING Of The Cryptocurrency - REPORT
Updated
Hello Bitcoin traders & enthusiasts a like. At this time of FUD, FOMO & FATALITIES please take a moment to look over this chart, The simple chart. The simplest chart on the web, the cleanest TA brought directly to you, I present to you the 'Patient Technical Analysis' By TheCryptAlpha. Please visit my trading channel on youtube.com/thecryptalpha or just search thecryptalpha on youtube.
This chart will guide you through this journey of bitcoin, and make you understand that the key to success is patience. You buy when the patient whales buy, you sell when the impatience amateurs buy, Then repeat this process.
A little history on what happened February 2018 - Bitcoin crashed hard from 20k starting in DEC 2017, had a huge rebound to the high 10k area just to have a minor pull back with some well timed news and we went into an uptrend again. Prior to this we did not complete a full pull back to the means of the initial break out. This whole move in February if timed properly gave investors & traders alike over 100% potential profit on coins such as bitcoin and alt coins. This is unheard of an quite the movement. All thanks to our friend bitcoin.
A little reflection on February 2018 - A whale does not simply dump money into the market at any given price, They ease into it - A whale will protect their investment at any means therefore the move and target of the upper trend line of the high 10k area was enough for a whale to bank almost 100% of a well timed entry. Hence giving the whales the perfect opportunity to pull the initial capital investment out. Or at least a portion of it. Causing a minor sell off.
Currently March 2018 - We are experiencing a failure of breaking out of the high retesting the top trend line as well as creating a double top giving us a temporary pull back, no doubt in many traders minds this pull back would quickly resolve itself and retest the highs of $11,700 for a break out over to $12,500+ish area where they would be looking to take their profits. Or not...
Meanwhile, The whales have not been able to reload/re-enter the market safe or at a very good price, When sitting on lots of cash with no clear entry what is left to do? FUD. Selling the market down... Catching thin order books and market selling. Just as you should expect them to do.
My Conclusion:
Thus my very simple solution to this very simple market, Until you see volume, until you see buyers coming in, until you see the market recover and reverse... Just sit tight. Do not buy on the way down get stuck in a position and then not have enough money to buy the real bottom. Just wait
Patience, Patience, Patience... The end of the bottom will show itself like the sun rising on a beautiful morning. Then you can place well calculated buy orders and ride the wave back up. While we are in this mess of uncertainty, And you may have taken a loss. Do not try to fight the market and recover it, just sit tight - re-evaluate and plan your next entry. We all make mistakes.. Lets not go full tilt on them.
Estimated Bottom; $8,200
Estimated Time; 2-4 Days
This is not to be used as trading advice. This is simply my opinion, I am not a financial advisor, nor am I trying to be.
Best of luck out there! Be Safe!
This chart will guide you through this journey of bitcoin, and make you understand that the key to success is patience. You buy when the patient whales buy, you sell when the impatience amateurs buy, Then repeat this process.
A little history on what happened February 2018 - Bitcoin crashed hard from 20k starting in DEC 2017, had a huge rebound to the high 10k area just to have a minor pull back with some well timed news and we went into an uptrend again. Prior to this we did not complete a full pull back to the means of the initial break out. This whole move in February if timed properly gave investors & traders alike over 100% potential profit on coins such as bitcoin and alt coins. This is unheard of an quite the movement. All thanks to our friend bitcoin.
A little reflection on February 2018 - A whale does not simply dump money into the market at any given price, They ease into it - A whale will protect their investment at any means therefore the move and target of the upper trend line of the high 10k area was enough for a whale to bank almost 100% of a well timed entry. Hence giving the whales the perfect opportunity to pull the initial capital investment out. Or at least a portion of it. Causing a minor sell off.
Currently March 2018 - We are experiencing a failure of breaking out of the high retesting the top trend line as well as creating a double top giving us a temporary pull back, no doubt in many traders minds this pull back would quickly resolve itself and retest the highs of $11,700 for a break out over to $12,500+ish area where they would be looking to take their profits. Or not...
Meanwhile, The whales have not been able to reload/re-enter the market safe or at a very good price, When sitting on lots of cash with no clear entry what is left to do? FUD. Selling the market down... Catching thin order books and market selling. Just as you should expect them to do.
My Conclusion:
Thus my very simple solution to this very simple market, Until you see volume, until you see buyers coming in, until you see the market recover and reverse... Just sit tight. Do not buy on the way down get stuck in a position and then not have enough money to buy the real bottom. Just wait
Patience, Patience, Patience... The end of the bottom will show itself like the sun rising on a beautiful morning. Then you can place well calculated buy orders and ride the wave back up. While we are in this mess of uncertainty, And you may have taken a loss. Do not try to fight the market and recover it, just sit tight - re-evaluate and plan your next entry. We all make mistakes.. Lets not go full tilt on them.
Estimated Bottom; $8,200
Estimated Time; 2-4 Days
This is not to be used as trading advice. This is simply my opinion, I am not a financial advisor, nor am I trying to be.
Best of luck out there! Be Safe!
Trade closed: target reached
Bounce is in. If you were unable to time the bottom, you can buy the $8,500 break outTrade active
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