But it seems to be getting harder by the day to know when this correction will be over with.
When the final bounce will happen?
When our new opportunities to make money will come?
Listen, do not worry about it, Bitcoin is now open for long term purchase, long term positions, the new opportunity is already happening. Bitcoin is now the opportunity that we all need and want.
Let’s look into the King of Cryptocurrency, Bitcoin , and see what it holds for us in store.
*** Trading & Buying Bitcoin for the future that is to come
In my last Bitcoin trade idea, where I followed Bitcoin’s price, there was one very clear recommendation. Buy within the “buy-zone”, back then this buy-zone was in the $8,000 – $10,000 range, but, if the price goes lower… what do do next?
We are now in this second situation, where the support was broken, Bitcoin is looking for a new low. So it is time to buy all the big dips; buy Bitcoin when it is low.
"The picture is clear, we just need to wait and buy once we hit our buy zone. If it goes lower, then buy more". – Alan Masters
So the price has gone lower, let’s look at our new “buy more” zone.
*** Bitcoin 1 Day Chart Analysis
Let’s start by looking at the 1 Day chart, shall we? From there I will share my views based on many different time frames and indicators, but the will be our main focus for short term signals and we develop to longer time frames:
- All my favorite indicators are giving very strong signals. They tell us that Bitcoin is going down hard, it is obvious, we can see it. So what more can we learn from these indicators other than the obvious?
- The is really down on the side, but still has some room left for more down movement, but not that much more. Bitcoin is trending negative, it is going down strong but the “plenty of room” to go down as we saw once we were looking from the top, it isn’t looking that good for bears anymore. Sellers have been selling like it is the end of the world, but remember that this correction is not going to last forever, it is really good that we are going this low. Once we reach a bottom, there is only one way left to go and that way is UP!
- What I believe is that more money needs to be extracted from all the beginners that entered the market before we can move on, plus all the media and manipulation coming from the conventional markets is strong, they don’t like Bitcoin as Bitcoin represents a new financial system that cannot be controlled by the few.
- These new speculators are being squeezed to the maximum. The winners will be the ones buying now, reloading now, re-buying now and then holding these positions for long. We reached the top at around $20,000, we are definitely sitting on some incredible lows. Bitcoin will not shoot back up like a rocket, but it will find its bottom, sit on it for a while and then start the next strongest Bull Run that you have seem Bitcoin go through before. We tend to look at past performance to predict possible future scenarios, past performance tells us that Bitcoin will grow out of this, stronger than it has ever been.
- On the weekly chart our indicators are sitting on levels that we haven’t seen since 2015. The is now sitting comfortably near the oversold zone, if we go below 20, this can be taken as a very, very strong signal that sellers are reaching their goal. For now we are waiting for our next buying zone.
- All the indicators on the daily chart are telling me that there isn’t much room left to go down anymore. Yes Bitcoin will go lower, as it is doing now and everything is pointing there, but it isn’t showing signals of going too low. We are looking at a range for the new buy-zone, where I recommend you re-buy and reload more Bitcoins, so you can sell as much as you want when we are testing for new highs. This range is $4,500 to $5,900.
These are the levels that I am looking at to reload more positions for long.
What would you do if Bitcoin, the King of Cryptocurrency, is crashing hard?
If you are a beginner and by any chance you are scared because Bitcoin is going down, trust me this is no big deal. Bitcoin has gone down many, many, many times before. Guess what also Bitcoin is good at? Bitcoin is really good at going up.
So if Bitcoin wants to go down now, let it do it. I am 100% sure that there will come a new cycle when Bitcoin decides to move up. So what you need to do is one thing only, buy now and hold it for long.
Bitcoin’s price might seem low to you at $6,000 if you started to look at this market when the price was $19,000 or more, even $20,000 and higher in some places, but for people like me, who love Bitcoin and understand it, $6,000 is a very strong price.
By the half of last year, everybody was predicting $5,000 us dollars for one Bitcoin to be a dream possible to be achieved, hard but possible. A milestone that could be done… But guess what?
After reaching this dream goal like it was nothing, and moving up even higher and strong, Bitcoin is now crashing, the end of the world, and the price is higher than the best of predictions when the price was sitting around $2,000 or more. (So even the worst case scenario, which we are looking at, looks better than our wildest dreams just 6-8 months ago… think about that one for a minute.)
So is Bitcoins price high or low? It depends on how you look at it, but back in January 2017 one Bitcoin was worth around $900. Today, February 2018, one Bitcoin is worth $6,000 or more. When you compared on this longer time frame, the price seems to be pretty good right now. High enough.
When you were looking at Bitcoin in the $12,000 range and going up strong, I am pretty sure you were saying, “Man, it would be so great to buy Bitcoin at the $5,000 level, that would be a killer profits long term hold”. This opportunity is now available for you. Follow the above idea, and use it to open new positions with Bitcoin, so that you can also benefit from the next run.
My message to you in these times is to remain strong.
Market corrections are healthy, is like a detox, once the cleansing is over, you fill refreshed, renewed and with endless energy to achieve all of your dreams. Enough energy, strength and good vibes to reach all of your earlier goals.
So let’s get this detox done with, let’s sweat it out, let’s drop all those hands that do not belong. Once this is all over, we will be in a position to surpass $20,000 and reach, $30,000, $40,000 and even more. This is the type of mentality we need to grow wealth for the future that is coming for us. We’ve been only 1 month into to 2018, the market will be here tomorrow, the market will be here weeks, months and years to come.
So do not worry about your “balance”, do not worry about the numbers on the screen. You are already in it, open your long positions, and you shall win.
I know there will be a very good / strong / long period of consolidation / accumulation, after that we can start our next run.
This is a good learning situation for everyone. This is good that this is happening at this point. The next time this happens, with the growth we have now, the next correction will be easy for everyone. As most of us will be educated on how this market really works... Up and Down, Up and Down... in cycles. Not only one way, but both.
I Love You for reading my message.
Stay happy. Growth in life. Accept all the good and bad you've done.
And finally grow some more.
Your support is highly appreciated and remember... You are a Divine, Unique & Special Living Soul.
(YOU ARE THE BEST THAT HAS EVER BEEN CREATED IN THIS WORLD).
Global stocks are also being affected all around. So while it is normal for Cryptocurrencies to be volatile, the fact that the entire world economy is being affected tells you how this is more of a global financial situation rather than Bitcoin itself.
Bitcoins is good. Bitcoin always grows stronger after every challenge that it faces. So think of what will happen when this one is done.
All these markets normally recuperate from these falls. But Bitcoin will be the strongest. We support Bitcoin all day long. With the great prices and opportunities now available, we will be seeing many new traders coming to us in the near future. This is good for everybody. Diversifying is always good.
Thanks for reading this update. Feel free to work on a long term mindset, and buy some of these coins...
The longer time frames still need more time to develop and reflect this bounce that we are having just now, but the MACD on the 4h chart is also about to cross over trending up, with plenty of room for growth of course, since we are at the bottom of this correction that we have been enjoying.
Let's take a look at the charts just for the fun of it...
- Look at the MACD, it is crossing over.
- Also look at the RSI, it bounced for the 3rd time in a few days from the oversold line in red.
- STOCH is also clearly trending up!
These are short term movements and signals, but it is always fun to post an update when Bitcoin goes up. :)
The trading day had a nice closed, there was a nice push but we need more time before this can be taken as a strong signal. This is just minor right now.
We are looking at the daily chart, and we want it to close the day at least above $8,380 for Bitcoin to tells us that it wants some more positive action. Other than that, we can continue with our main analysis.
If we go above this price level just mentioned then I will write another update with information as to where we might go next. We are still on the very same trend.
Here is the daily chart:
I don't know where Bitcoin will go next, but I can tell you what the charts are saying. But also please keep in mind that the charts are always changing, I can tell you what the signals are now, but the charts will always be evolving. With that said, let me give you a few hints.
Bitcoin has been trading on a descending channel for quite a while now. We called this a correction, market wide correction and now a bear market or what not. This doesn't really matter, these are just names.
The fact is that Bitcoin is going down.
We reached the lowest point we have reached since this decline in price started and quickly bounced from that level, that's the now famous $6,000 level we talked about yesterday (6th February 2018).
After bouncing from this level, we are now looking up short term. Now this is the tricky part, this is short term.
It you look at the chart (below), you can see that throughout this entire decline we've been having lower highs and lower lows. This small increase in price can be just that once more. This is too early to tell but, there are some positive signals.
- Yesterday's volume was really good. You can see it by looking at the volume bar on yesterday's candle, it is the second candle from right to left on the chart above. This signals strength from the buyers. This is good for moving up.
- The candles are also good for more positive action, but we still need to see how the day closes, since these are 24 hours candles, the day needs to close to know if this will be a good positive candle or not.
- The RSI bounced from a very low point, a low point that it hasn't seen in years, and there isn't plenty of room to go down anymore. This is another good sign.
- The MACD is still on the bearish zone, it is only starting to curve but there is obviously plenty of room available for growth if it starts to trend up.
These are just some examples, but you can see how we are still on this decline, we have early signals of a bottom being reached and moving up, but we need to wait for the charts to develop, to get BETTER AND STRONGER SIGNALS, before we can say for sure that Bitcoin will go up. But on the short term is obvious, we are going up.
So we can even go up for a few days and then return back down, or we can start to move up strong and start a new uptrend, a new trend even if it is sideways but at higher levels. The thing is that more time is needed, since it was only yesterday that the mood changed.
On the other hand, we are looking really, really good on the short term. The 1h, 2h and 4h charts are giving us strong bullish signals, we will need more momentum, some barriers we need to break.
Let's see how the price closes today. Let's see how far up we can go again.
Depending on the results, I can come back here for more.
I want to thank you again for reading.
I want to tell you that I love you all.
Bitcoin had a nice bounced from the $6,000 levels, but still we are not seeing enough momentum, so we still have big chances of retesting our new "buy zone".
Here is the 4 hours chart:
It can be used as another positive signal. What's your opinion?
The bounce we had was a strong one, but so far I am not seeing enough momentum. There are also many barriers on the way. Bitcoin would need a really nice and strong push before we can clear all of the resistance points on the up-way.
I will update this trade idea again in a few days. By that time we will know if we are going to be breaking up or going back down to buy some more Bitcoins on the low.
I will be giving you an updated version. For now I have it around the $6,000 - $7,300 range. I will update this on a new trade idea.
Thanks for following this one so far.
Thanks for all the support.
All the shares and likes.
All the comments... THANKS FOR EVERYTHING.
Enjoy the rest of your day.
Enjoy the rest of the weekend.
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If the market manages to break the resistance levels and hold above well, with good momentum, I'm going to start buying (as long as my indicators agree of course).
If price fails to break above or spikes and starts to fall again I'm going to re-analyse.