Bitcoin Price Mini T.A. 11/30/2018
Current Market Cap: $130.49B(+$8.05B in 4 days) Bitcoin Dominance: 53.5%(-0.4%)
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Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are slightly below the moving average ($4,000). High ranges at $4,140 and low ranges at $3,860.
Stochastic RSI indicates overbought conditions (90).
MACD shows we are below the Zero Line and the histogram is positive although only slightly. Sluggish buy volumes could allow a further re-test of support zones by tomorrow.
Price Targets:
Entry $3,000- $4,000
Exit $4,100- $4,700
Another round of punches have been thrown at the crypto markets just as they were looking to recover some of their losses from the past month. The bears are definitely in control as volatility has been increasing and there is no end in sight.
One must remember that much of the price action depends on the people who have the most Bitcoin, and that is the exchanges and miners.
If the price of BTC drops below the cost of production then certain groups of people have it in their best interest to keep it propped up. We have seen one last capitulation recently and could see an even steeper one before the market finally bottoms out. One thing is for sure is that Bitcoin is here to stay, even if investors are getting squeezed out of this space.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-11-26-2018
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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Thank you for your support as well !
This post was upvoted for being original and creative!
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Oh yeah almost forgot, thanks so much for you support of canna, as a way of saying thank you, we are giving you a entry for our pipe giveaway. Good luck
Hotsauce is Canna's go to crypto expert!
When the price is low like this, is there less miners?
Excellent question @jonyoudyer! Well if we head over to https://www.blockchain.com and scroll to the bottom there is a button that says "charts". The hash rate is really what we are looking for here since that indicates how much computing power all the miners are putting out for BTC mining and it appears to be dropping. We are back to where we were about July of this year and this could just be the beginning as mining has become unprofitable for most US mining companies now.
Amazingly we are still putting out around 3X the hash power that we were doing during the massive bull run a year ago!
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