Bitcoin Price Mini T.A. 11/3/2018

in #bitcoin5 years ago

Current Market Cap: $206.54B(-$3.09B in 12 days) Bitcoin Dominance: 53.3%(-0.4%)

BTCprice11032018.jpg

*

Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.

Bollinger Bands show we are below the moving average ($6,340). High ranges at $6,355 and low ranges at $6,320.

Stochastic RSI indicates normal conditions, neither oversold nor overbought (39).

MACD shows we are just below the Zero Line and the histogram is negative. Very tight trading ranges indicate strong buyer support in these zones however there is still very low liquidity and a sudden movement of significant quantities of BTC will cause a dramatic shift in either direction.

BTCbuysellzones11032018.jpg

Price Targets:

Entry $6,000- $6,300

Exit $6,400- $7,000

At the end of October we saw a quick market shake-out but it was nothing in comparison to earlier this year when daily volatility could swing double digits with no warning. Just two days later on Halloween we got a short squeeze which helped recover some of the losses for the week.

Effectively the $6K support levels have been holding for Bitcoin and many analysts agree that the market has bottomed out. If there were some monumental negative change in global policy we could definitely see a re-test of the high $5K zone again but for now the BTC prices have been holding steady.

With increased pressure on stocks markets globally we might see a shift back into cryptocurrencies as a sort of safe haven. Additionally we have seen a mass flow of institutional money and interest into this space so this can only help stabilize this immature market.

Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-10-21-2018

Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out

Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary

Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you

Keep A Strong Hand!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-increasing-dominance-and-shrinking-market-cap

My Latest Series:
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-1-when-to-buy
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-2-when-to-sell

*Never invest more than you are willing to lose and always do your own research before making any investment decisions. I am NOT a financial advisor and this is NOT financial advice- this material is intended for entertainment and informational purposes only. Hit "CTRL + or CTRL -" to change size of chart.
(All pictures are free domain images created by myself with the help of Coinigy.com.)

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Interesting perpective, a possibility to make a small profit there. :)

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Interesting perpective, a possibility to make a small profit there. :)

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