BITCOIN’ (BTCUSD’). This is the first time I will be sharing a long term trade for Bitcoin’; it feels 1.20% really good.
I will analyze it as any other chart and I expect we profit massively from it. This will be an easy trade. Namaste.
Bitcoin (BTCUSD-COINBASE) Weekly Chart Analysis:
Let's start with the Bitcoin’ rally/bull run. ATH’, retrace, support and continue to the indicators for a trade.
We look at the chart from left to right. You can see the date marked at the bottom of the chart.
Bitcoin’ starts its bull run late October/November, according to the chart above. The price increased from $5511.11 on November, all the way up to $19891.99 on December 2017, hitting its all time high and then starts the decline.
Bitcoin’ starts to retrace massively and hits a low point on February at $6000 per Bitcoin’. This price was the resistance that was broken to start Bitcoin's bull run, now it is working as support. (This is marked on the chart with a yellow square).
After a corrective wave up, Bitcoin’ continued retracing but always maintaining the same support. In the meantime, volume decreased and our indicators started to show us that Bitcoin -0.63% has been oversold.
Bitcoin’ has shredded over 70% of its price from its all time high.
Since we've established a very strong support, we can open a long term trade for Bitcoin -0.63% with moderate risk and very high profits potential.
Just like we are seeing with the altcoins, you can expect Bitcoin’ to hover around the 2017 strong support for a while, maybe break below it, to quickly come back up and start a new wave up/bull run. There is also a chance that the "strong support" does not break and Bitcoin -0.63% moves up from here ($6000+ range).
Let's take a look. Let's look at the KING of cryptocurrency - BITCOIN’ - long term...
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